Insurance giant Zurich has been granted more time to decide whether it will make a formal offer to buy London-listed rival Beazley.<\/p>\n
Zurich agreed a deal in principle to buy specialist insurer Beazley for around \u00a38 billion almost two weeks ago.<\/p>\n
Zurich had been granted a February 16 deadline to \u201cput up or shut up\u201d, meaning it must either submit a formal offer or walk away.<\/p>\n
However, the two firms said on Monday the deadline has been extended until 5pm on March 4.<\/p>\n
Zurich said it is still completing its \u201cconfirmatory due diligence\u201d with support from executives at Beazley and the \u201cprocess is progressing as planned\u201d.<\/p>\n
In a statement, the companies added: \u201cThe parties are simultaneously discussing the detailed terms of the transaction and progressing definitive transaction documentation.<\/p>\n
\u201cAccordingly, the board of Beazley has requested, and the Takeover Panel has consented to, an extension of the PUSU (put up or shut up) deadline.\u201d<\/p>\n
There is still \u201cno certainty\u201d a formal offer will be made.<\/p>\n
The \u00a38 billion deal in principle was announced earlier this month, two weeks after Beazley rebuffed a previous \u00a37.7 billion takeover approach by Zurich.<\/p>\n
The deal represents an almost 60% premium on Beazley\u2019s closing share price before Zurich\u2019s takeover approach became public.<\/p>\n
Announcing the plans, the firms said: \u201cThe transaction would combine two highly complementary businesses and would establish a leading, global specialty platform with around 15 billion US dollars (\u00a311 billion) of gross written premiums, based in the UK which would also leverage Beazley\u2019s Lloyd\u2019s of London presence.\u201d<\/p>\n
Zurich has more than 63,000 employees and has its headquarters in Switzerland.<\/p>\n
Beazley is a specialist insurer, with a burgeoning cyber cover offering, as well as cover across professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.<\/p>\n
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