UK speciality insurer Beazley would recommend a sweetened £8 billion ($10.97 billion) takeover by Zurich Insurance once the Swiss firm makes a firm offer, it said on Wednesday after rejecting previous multiple bids.
Under the improved proposal, Europe’s second-largest insurer, Zurich Insurance, would pay 1,310p per share in cash plus permitted dividends of up to 25p per share, valuing Beazley at up to 1,335p per share.
Beazley rejected a 1,280p per share offer from Zurich in January having also rejected a 1,315p offer last June.
Beazley’s board said it was minded to recommend the offer should Zurich make a formal offer by February 16 under UK takeover rules.
