05.10.2016 04:01:58
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Endurance Confirms Talks With Sompo About Potential Transactions; Stock Surges
(RTTNews) - Endurance Specialty Holdings Ltd. (ENH). a Bermuda-based provider of property and casualty insurance and reinsurance, confirmed that it is in advanced discussions with Tokyo-based global insurance carrier Sompo Holdings, Inc. regarding a potential strategic transaction. There can be no assurance that the discussions will lead to a definitive agreement.
ENH closed Tuesday's regular trading at $87.87, up $22.91 or 35.27 percent.
Endurance said it does not intend to comment further at this stage and any further statements will be made if and when appropriate.
Separately, Sompo Holdings said it has not made any announcement concerning the acquisition of shares of Endurance Specialty Holdings Ltd., which Nihon Keizai Shimbun reported today. Sompo Holdings is planning to make a decision today on the reported transaction, and will promptly make an announcement in case there is any information that requires disclosure.
Earlier, Nikkei reported that Sompo Japan Nipponkoa Insurance firmed up plans to acquire Endurance Specialty Holdings.
Nikkei said that Sompo Japan, a unit of Sompo Holdings, will purchase all of Endurance's outstanding shares without a tender offer, a move that is legal in Bermuda, where Endurance is domiciled. The deal, seen at around $6.5 billion, will be finalized and announced as soon as Wednesday. It will likely be completed by the end of the fiscal year in March.
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