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Beazley extends 'put up or shut up' deadline as Zurich due diligence progresses
(Sharecast News) - Beazley said on Monday that the deadline for Zurich Insurance to make a firm takeover bid has been extended. The Lloyd's of London insurer announced earlier this month that the two parties had reached an agreement in principle on the terms of an £8bn takeover by Zurich.
It said on Monday "Zurich has commenced a period of confirmatory due diligence and, with the support of the board and management of Beazley, that process is progressing as planned".
"The parties are simultaneously discussing the detailed terms of the transaction and progressing definitive transaction documentation."
As a result, Beazley requested and was granted an extension of the 'put up or shut up' deadline, which means that Zurich now has until 1700 GMT on 4 March to either announce a firm offer or walk away. The initial deadline under UK takeover rules was 16 February.
Beazley said there can be no certainty that any firm offer will be made for the company and that a further announcement will be made as and when appropriate.
Broker Peel Hunt, which rates the stock at 'add' with a 1,340p price target, said: "We believe this is likely to be a complex process, given that Zurich plans to fold its US$9bn-premium Specialty business into Beazley should the takeover be finalised."
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