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Zurich Insurance has approached Beazley with a takeover proposal valuing the FTSE 100 group at about £7.7bn, after the Lloyd’s of London insurer rejected a lower bid earlier this month.
The Swiss insurer said on Monday that it was offering £12.80 per share, up from an initial undisclosed approach of £12.30.
Beazley shares soared about 40 per cent in afternoon trading in London to £11.47, giving the company a market capitalisation of almost £7bn.
Zurich’s chief executive Mario Greco told the FT that the latest bid was the group’s fifth offer for Beazley since its first takeover approach about a year ago.
“It was time to go public and eventually have [Beazley’s] shareholders say what they think,” Greco said.
Zurich is being advised by investment bankers at Goldman Sachs, Lazard and UBS, according to people familiar with the matter.
This is a developing story