Of this sum, the vast majority - $12.8m – was spent during the second quarter.
The company’s high profile bid to purchase its competitor came to an end last week when the John Charman-fronted business announced it would no longer pursue its attempt to acquire Aspen (www.reactionsnet.com July 31, 2014).
That came after Apsen’s shareholders overwhelmingly rejected two authorisation proposals which, had they passed, would have facilitated the takeover bid put forward by Endurance.
Endurance’s attempt to acquire Aspen first came to light in April when it made an offer valued at $3.2bn for its rival. That bid was rejected immediately, with Aspen stating that “Endurance has a mixed operating track record, new leadership, an unproven strategy and no experience with large acquisitions”.
That prompted months of bad blood between the firms, with Endurance’s chairman and chief executive Charman exchanging barbed comments with Aspen’s group chief executive Chris O’Kane in a series of announcements from the two companies.
Indeed, Endurance’s announcement that it was not continuing with its takeover attempt contained another pointed remark from Charman:
“The current Bermuda corporate governance laws, Aspen's focus on defensive self-preservation tactics rather than value creation and the unwillingness of Aspen's shareholders to take a stand, make it impractical at this time for Aspen shareholders to realise the compelling value of our offer,” he said.
In response to Endurance’s decision to withdraw its bid, O’Kane praised Aspen’s shareholders for their support.
“We thank our shareholders for their input, our valued customers and brokers for their loyalty and business, and especially thank our employees for their hard work, focus and ongoing dedication to the highest levels of service in our industry,” he said in a statement.
“We remain intensely focused on the continued successful execution of our strategic plan, building value for our shareholders and serving our customers.”