“Zurich is clearly trying to ‘bear hug’ Beazley. They obviously think they are offering a price that is high enough for target shareholders to put pressure on the company to sell itself.”
That is the opinion of Mark Kelly, CEO at MKI Global Partners after Zurich increased its bid for Beazley.
Zurich submitted a takeover bid of 1280 pence per share yesterday (19 January) looking to buy 100% of Beazley. The offer valued the target at £7.67bn.
It also revealed it previously made an offer on 4 January worth 1230 pence per share and this had been dismissed.
Hours later the Beazley board responded it had rejected the first offer unanimously “on the basis that it significantly undervalued
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