London, Jan 26, 2026, 07:54 GMT — Premarket
- Beazley shares ended Friday at 1,152 pence, climbing 3.23%
- Zurich’s cash offer at 1,280 pence continues to dominate as London trading approaches
- Investors are waiting on a possible revised bid before the Feb. 16 deadline, as well as Beazley’s results due March 4
Beazley Plc shares look poised for more takeover talk in London on Monday, having closed at 1,152 pence on Friday—a 3.23% rise. (Hargreaves Lansdown)
The clock is ticking. Under the UK Takeover Code’s Rule 2.6(a), known as the “put up or shut up” rule, Zurich must decide by 5 p.m. London time on Feb. 16. They have to either declare a firm offer or confirm they won’t move forward. (Investegate)
Beazley’s board has made it clear: they’re not interested. The insurer unanimously dismissed Zurich’s 1,280 pence-per-share cash bid, calling it “materially” undervalued and falling short of the company’s future potential. Notably, this offer trails the 1,315 pence proposal they rejected back in June. (Investegate)
Zurich is offering 1,280 pence per share in cash, a 56% premium over Beazley’s 820 pence closing price on Jan. 16. The insurer plans to finance the acquisition with a combination of cash, new debt facilities, and an equity placing. (Zurich)
The stock’s moves have been volatile and often harsh. After Beazley turned down the latest bid Thursday, shares dropped as much as 7% to 1,045 pence before bouncing back. RBC Capital Markets analysts noted that Zurich’s offer highlighted Beazley’s “strong strategic positioning, track record and the distinctiveness of its operations.” (Reuters)
Zurich CEO Mario Greco says the ball is now with the market. “I made an offer, it’s distant from being accepted, and now the shareholders have to speak about it,” he told reporters on a call, adding: “The fit is very strong.” (Insurance Journal)
Traders see the spread as the daily scoreboard. Beazley shares remain under Zurich’s proposed price, keeping a gap that could widen sharply if talks stall—or shrink just as fast if rumors of a better offer pick up steam.
A revised bid is the clear trigger, but it’s far from the only factor. The takeover window often sparks a trickle of filings and shifts in positioning that can nudge sentiment, especially in a stock that’s already seen strong moves.
There’s a downside risk as well. Should Zurich stand firm or back out, the takeover premium baked into Beazley’s share price could evaporate, leaving the board’s focus on standalone value as the sole support.
The deal timetable also accelerates disclosure requirements. A recent filing revealed BlackRock disclosed an opening position under the Takeover Code for Beazley, joining other investors likely to submit similar forms throughout the offer period. (Investegate)
Beyond the bid, Beazley’s schedule looms large. The insurer will release its full-year 2025 results on March 4, then hold its annual general meeting on April 22, with a first-quarter trading update set for April 30. These dates could shift market expectations, whether Zurich stays in the picture or not. (Beazley)
