Overview
- The revised all-cash approach offers 1,280p per share, valuing Beazley at about £7.7 billion and reflecting a 56% premium to its January 16 close.
- Zurich’s January 4 proposal at 1,230p per share was rejected by Beazley’s board as significantly undervaluing the company.
- Zurich says it would fund the acquisition with existing cash, new debt facilities and an equity placing, and it currently holds a 1.465% stake in Beazley.
- Beazley shares jumped about 42% to a record high after the public proposal was disclosed.
- Zurich says the combination would form a global specialty insurer with roughly $15 billion in gross written premiums and a strong Lloyd’s of London platform.