Reinsurance News

Aspen shareholders approve acquisition by Apollo

11th December 2018 - Author: Luke Gallin

The shareholders of Bermuda-headquartered Aspen Insurance Holdings have approved the company’s acquisition by funds under management of Apollo Global Management.

aspen logoAspen held a special general meeting of shareholders regarding the merger agreement, and has announced that all of the resolutions put forward at the special general meeting were approved by the requisite vote.

The first proposal voted for concerned the approval of amending the firm’s bye-laws to lower the number of shareholder votes needed to approve the merger with any third party from the affirmative vote of at least 66% of the voting power of the shares entitled to vote. Votes for totalled 51,673,110, against Votes against of 93,607.

Regarding the merger agreement, an 8-K filing reveals that Aspen’s shareholders approved the merger agreement, the statutory merger agreement and the merger. Votes for totalled 61,545,951 versus Votes against of 326,916.

At the end of August, Aspen confirmed that affiliates of certain Apollo investment funds have entered into a definitive agreement under which Aspen will be acquired by the Apollo Funds.

And now, Aspen’s shareholders have voted in approval of the merger agreement, as well as voting in favour of the approval of Potential Named Executive Officers’ Compensation in connection with the merger.

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