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Zurich to buy UK insurer Beazley for £8B, up from £7.7B offer.
Zurich Insurance Group has agreed in principle to acquire UK-based specialty insurer Beazley in a deal valued at approximately £8 billion, offering 1,310 pence per share in cash, plus up to 25 pence in dividends, bringing the total to 1,335 pence per share.
The offer, which represents a nearly 60% premium to Beazley’s pre-offer share price, follows the company’s rejection of a previous £7.7 billion bid.
Beazley’s board has tentatively approved the revised terms and would recommend the deal to shareholders.
The merger, pending due diligence and a formal offer by February 16, would create a global specialty insurance platform with around $15 billion in gross written premiums and strengthen Zurich’s presence at Lloyd’s of London.
Beazley’s shares rose over 50% in the past month amid takeover speculation.
Zurich comprará a la aseguradora británica Beazley por 8.000 millones de libras, por encima de la oferta de 7.700 millones de libras.