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Zurich Insurance has approached Beazley with a proposal to take over the FTSE 100 group, which values it at about £7.7 billion, after the insurer Lloyd’s of London rejected a low bid earlier this month.
The Swiss insurer said on Monday it was offering £12.80 per share, up from an initial undisclosed view of £12.30.
Beazley shares rose nearly 40 percent to £11.47 in afternoon trading in London, giving the company a market capitalization of nearly £7 billion.
Zurich said its offer “provides Beazley shareholders with immediate and assured cash value for their investment at a level that Beazley can achieve in a reasonable time frame through the execution of its strategy… and fully reflects Beazley’s fundamental value”.
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