19th Jan 2026 16:20
(Alliance News) - Beazley PLC on Monday responded to a possible takeover approach from Zurich Insurance Group AG, confirming it has yet to consider Zurich's improved cash proposal.
Beazley said it received an unsolicited, non-binding and conditional proposal from Zurich on January 4 to acquire the entire issued and to be issued share capital of the company at 1,230 pence per share. The board unanimously rejected that approach on Friday on the basis that it "significantly" undervalued the company.
Beazley shares jumped 42% to 1,163.00 pence in London on Monday afternoon, giving it a market capitalisation of GBP6.96 billion. Zurich shares were 0.9% lower at CHF572.00 in Zurich.
Zurich submitted an improved indicative proposal of 1,280 pence per share in cash on Monday, valuing Beazley at around GBP7.7 billion. Beazley said its board has not yet had the opportunity to consider the revised proposal and will update shareholders in due course. In the meantime, shareholders were urged to take no action.
Under the UK Takeover Code, Zurich has until February 16 to either announce a firm intention to make an offer or confirm that it does not intend to proceed.
Earlier on Monday, Zurich said its 1,280p proposal reflected full value for Beazley and was designed to enable prompt engagement, arguing it offers shareholders immediate and certain cash value compared with Beazley's standalone strategy.
The offer is a 56% premium to Beazley's 820p closing price on Friday.
By Eva Castanedo, Alliance News reporter
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