Aspen Insurance Holdings Ltd. investors should reject plans from hostile bidder Endurance Specialty Holdings Ltd. to expand their company’s board, proxy adviser Glass Lewis & Co. said in a report.
“Endurance has failed to make a compelling case for Aspen shareholders to support the proposed authorizations” to shake up the board, Glass Lewis wrote. It cited the “cost and distraction” of holding a special meeting. Glass Lewis said it isn’t commenting on the merits of the takeover.
ISS Proxy Advisory Services made similar voting recommendations to Aspen shareholders on July 11.
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