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Aspen adopts one-year shareholder rights plan

17th April

Aspen announced today that its board of directors has adopted a shareholders rights plan and resolved to issue one preferred share purchase right on each share of the Company's ordinary shares issued and outstanding at the close of business on April 28, 2014. The rights plan expires on April 16, 2015, and the board of directors may terminate the rights plan at any time if it no longer believes that the rights plan is in the best interests of the company and its shareholders.

In the absence of further action by the board of directors and subject to certain exceptions, if a person or group acquires beneficial ownership of 10% or more of Aspen’s ordinary shares (15% in the case of a passive institutional investor), the rights generally will become exercisable and allow holders (other than the person or group members acquiring such beneficial ownership) to acquire the company's ordinary shares at a discounted price. In addition, at any time after a person or group acquires 10% or more of Aspen’s ordinary shares (15% in the case of a passive institutional investor), the board of directors may determine to exchange one Aspen ordinary share for each outstanding right (other than rights owned by such acquiring person or group members, which would become void).

The rights plan is designed to deter abusive tactics from being used in a proposed takeover, to ensure that shareholders receive fair and equal treatment in any proposed takeover of the company and to provide that any transaction would appropriately reward our shareholders and be beneficial to our company.

A summary of the rights plan will be mailed to shareholders. Additional information regarding the rights plan will be contained in the Form 8-K to be filed by Aspen with the U.S. Securities and Exchange Commission.

Goldman, Sachs & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz and Willkie Farr & Gallagher LLP are acting as legal advisors to Aspen.

Read the full press release