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Glass Lewis recommends Aspen shareholders reject Endurance proposals

16th July

  • Glass Lewis joins ISS and Egan-Jones in recommending shareholders execute and return Aspen’s BLUE revocation card

Today Glass, Lewis & Co., LLC, a leading independent proxy advisory firm, has recommended that Aspen shareholders reject both proposals made by Endurance and revoke any authorizations submitted on such proposals by executing and returning Aspen's blue revocation card.

Chris O'Kane, Aspen's chief executive officer, said, "With Glass Lewis's recommendation, all three leading independent proxy advisory firms are recommending that Aspen shareholders reject both of Endurance's proposals.  Endurance's inadequate offer continues to weaken as Aspen delivers strong operating results and increases shareholder value. But rather than offering real value, Endurance continues to pursue coercive legal tactics in a forlorn effort to buy Aspen at the lowest possible price. We urge shareholders to reject both of Endurance’s proposals."

In its July 15 analysis, Glass Lewis advised that there were few if any reasons for Aspen shareholders to support Endurance’s authorization proposals, noting:

"In our view, given that the Aspen board appears to have acted in good faith with Endurance, the Aspen board considered Endurance's proposals on multiple occasions and formed a reasonable basis to reject such proposals and the Company continues to report solid performance on a stand-alone basis, shareholder authorization of an attempt to override the board's conclusions by seeking a court-ordered special meeting is not warranted."

The report concluded that: "we believe Endurance has failed to make a compelling case for Aspen shareholders to support the proposed authorizations."