Hardy requested a price “substantially in excess” of the 350 pence a share Beazley offered on Dec. 1, the Dublin-based company said in a statement today. The fifth-biggest Lloyd’s insurer originally offered 300 pence a share in October, before raising its bid to 330 pence, or 171 million pounds, last month.
“I’m surprised, because the price is a good premium to where the share price was at 220 pence before we approached,” Beazley Chief Executive Officer Andrew Horton said in a telephone interview with Bloomberg. His company will now concentrate on expanding its operations in the U.S. and Europe while considering smaller “bolt on” acquisitions, he said.