Beazley drops £180m bid for its rival Hardy

first_img KCS-content Tuesday 14 December 2010 8:49 pm Tags: NULL Show Comments ▼ LLOYDS of London insurer Beazley withdrew its £180m offer for rival Lloyds firm Hardy Underwriters yesterday after failing to win an agreed deal and said it might now return cash to investors.In a brief statement issued yesterday, Beazley said it had submitted a final offer of up to 350p per share for Hardy but the firm said it would only consider an offer substantially above this level.The withdrawal of the offer was not unexpected. Beazley had initially offered 300p per share for Hardy in October but this was rejected by the underwriter as opportunistic and designed to exploit a low point in the insurance cycle. Beazley then said on 15 November it might pull the bid after its revised offer, increased to 330p per share from an initial 300p, was once again rejected by Hardy. Beazley said it would now look at other growth strategies. Hardy shares fell 4.6 per cent to 269p. Beazley shares edged up 1.3 per cent to 115.3p on the announcement.“We will continue to look at ways to grow in the United States, at Lloyd’s of London and in Europe,” said chief executive Andrew Horton Horton said Beazley could continue to look for acquisitions but added: “If we end up with surplus capital, I am sure we will look at ways of handing back cash to shareholders.” Lloyd’s of London insurers have been at the centre of takeover speculation as a difficult trading environment has weighed on their share prices, opening up potentially attractive acquisition opportunities. In October, a four-month takeover battle led to Brit Insurance agreeing to be taken over by buyout firms Apollo Management and CVC Capital Partners. Beazley drops £180m bid for its rival Hardy center_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years whatsapplast_img

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