Aspen Insurance gets $3.2B Offer from Endurance and Walgreen Is under Pressure to Relocate for Tax Benefits

Aspen Insurance Holdings Ltd. (NYSE: AHL) and its board has rejected a proposal from fellow insurance company Endurance Specialty Holdings Ltd. to buy the company for about $3.2 billion. The board rejected the proposed deal because it is "not in the best interest" of the company or shareholders, and that Endurance "has a mixed operating track record, new leadership, an unproven strategy and no experience with large acquisitions." Endurance has been snubbed by Aspen for three months.

Aspen Insurance Holdings Limited, through its subsidiaries, operates in insurance and reinsurance businesses worldwide. The company’s Insurance segment offers property insurance lines comprising the United States (U.S.) and the United Kingdom commercial property and construction business; and casualty insurance line consisting of commercial liability, excess casualty, the U.S. casualty insurance, and environmental liability.

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Walgreen Co. (NYSE: WAG) is being pressured by a group of the company’s shareholders to move its headquarters to Europe in a tax cutting move, according to a report by the Financial Times. The group includes Goldman Sachs and hedge funds Jana Partners, Corvex and Och-Ziff, who requested a private meeting with the pharmacy’s executive team this weekend, the newspaper said. The U.S. has one of the highest corporate tax rates in the world. The company declined to comment on the report.

Walgreen Co., together with its subsidiaries, operates a network of drugstores in the United States. It provides consumer goods and services, pharmacy, and health and wellness services through drugstores, as well as through mail, and by telephone and online. The company sells prescription and non-prescription drugs; and general merchandise, including household products, convenience and fresh foods, personal care, beauty care, photofinishing, and candy products, as well as other health and wellness solutions.

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