Overview
- Proposed terms value Beazley at 1,335p per share, comprising 1,310p in cash from Zurich plus a permitted dividend of up to 25p.
- The package represents roughly a 60% premium to Beazley’s pre-approach share price, with the stock rising in early Wednesday trading.
- Zurich has begun confirmatory due diligence and, under UK takeover rules, has until February 16 to announce a firm intention to make an offer.
- The companies say the combination would form a UK-based global specialty platform with about $15 billion in gross written premiums, leveraging Beazley’s Lloyd’s market presence and cyber expertise.
- Beazley previously rejected approaches at 1,230p and 1,280p per share, before indicating support for the improved terms announced on Wednesday.