Overview
- The FTSE 100 insurer unanimously rejected Zurich’s 1,280p-per-share approach, saying it materially undervalues the business.
- The latest price sits below Zurich’s 1,315p proposal from June 2025 and follows a 1,230p private bid on January 4 that was also turned down.
- Beazley directed shareholders to take no action before its full-year results on March 4, emphasizing strength in specialty and cyber lines.
- Zurich has until February 16 under UK Takeover Panel rules to announce a firm offer or walk away.
- Zurich says the plan would be funded with cash, debt and an equity placing at a significant premium, while analysts suggest there is room to raise the bid.