Beazley Rejects Zurich Insurance’s £7.7 Billion Takeover Bid

Beazley Plc has rejected Zurich Insurance Group AG’s £7.7 billion ($10.3 billion) takeover approach, the latest twist in the Swiss giant’s attempt to acquire the UK specialty insurer.

London-listed Beazley said its board has unanimously turned down Zurich’s latest cash proposal of 1,280 pence per share “on the basis that it materially undervalues” the company and its longer-term prospects, according to a statement Thursday.