Beazley drops its £180m Hardy bid
Lloyd's of London insurer Beazley said it has dropped a proposed £180m bid for rival Hardy Underwriting and is now considering returning cash to shareholders.
Beazley, up 0.9p at 114.7p, withdrew after Hardy rebuffed its final offer of up to 350p a share, saying it would only consider a sum well above that level. Hardy closed down 9p at 273p.
Andrew Horton, Beazley's chief executive, said the company will look for bolt-on acquisitions in the US, on Lloyd's and in Europe. Broker Execution Noble said Hardy's management would come under pressure to deliver growth quickly after rebuffing the bid.
Hardy said it too would reward shareholders with a buy-back programme.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Blue Whale fund manager on the best of the Magnificent 7
- How to invest for income and growth: SAINTS' James Dow
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Mercedes has finally unveiled its new electric G-Class
- Mini celebrates the release of brand new all-electric car Mini Aceman
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Don't try to be a super woman - build a dream team! The...
- The plant that can add £10,000 to the value of your home...
- Reckitt Benckiser under the cosh over baby formula, says...
- Stock market given a shot in the arm as Raspberry Pi and...
- Recruitment in private sector falls for tenth month in a row
- Business leaders call for flagship scheme to get young...
- Helium and hydrogen company set to join stock market in...
- Britain's nascent battery industry receives shot in the...
- CITY WHISPERS: Bill Ackman's cerulean eyes charm...
- Cost-of-living crunch wipes shine off Thomas Sabo jewellery
- Where is Labour's 'white heat' revolution to revive...
- FTSE 100 hits an all-time high - but remember the stock...
- British businesses awash with 'accidental' bosses who...
- Shipping broker Clarksons on list of shame after...
- North Sea projects worth £21bn put at risk by Labour: Tax...
- Virgin Money's biggest independent investor...
- JOHCM UK EQUITY INCOME FUND: Rate cuts... and a spending...
- TONY HETHERINGTON: Boss behind firms fined £340k for more...