LONDON, Jan 24, 2026, 07:46 GMT — Market closed
- Beazley climbed 3.2% on Friday but remains under Zurich’s 1,280p offer price
- Investors are watching to see if Zurich ups its offer ahead of the Feb. 16 takeover deadline
- Beazley will report its full-year results in early March
Beazley Plc shares ended Friday 3.23% higher at 11.52 pounds, outpacing a flat London market. Investors remained focused on the Zurich takeover saga heading into the weekend. 1
The stock is still far off Zurich Insurance Group’s recent 1,280 pence-per-share offer, leaving a significant gap. Traders are set to probe that difference once the London Stock Exchange opens again on Monday.
Why it matters now: the spread reflects the market’s ongoing verdict on whether Zurich will up its offer or walk away. It also signals a busy period ahead, with filings and statements flooding in as deal rules take hold and shareholders adjust their positions.
On Jan. 22, Beazley’s board unanimously rejected Zurich’s 1,280p cash offer, describing it as a “material” undervaluation. The insurer pointed out this figure falls short of a previously undisclosed 1,315p bid from late June. While Beazley remains “open-minded about all options,” it advised shareholders to hold off on any action and highlighted March 4 as the date for its full-year 2025 results. 2
Reuters put the rejected offer for Beazley at roughly 7.67 billion pounds ($10.3 billion). RBC Capital Markets analysts noted Zurich’s bid highlights Beazley’s market stance, potentially sparking interest from other suitors. 3
Beazley CEO Adrian Cox described the approach as needing to be “a Premier League price for a Premier League company.” Jefferies analysts, including Derald Goh, noted the board would likely reject any offer below 1,315p but said Zurich might raise its bid by “only up to an additional 10%” from the current 1,280p. 4
Zurich has labeled its 1,280p offer as “full value,” demanding the target either declare a firm bid or withdraw by 5 p.m. London time on Feb. 16. That’s the UK’s “put up or shut up” deadline, designed to force a clear move once a bidder steps into the spotlight. 5
Investors now focus on two key points this week: whether Zurich is willing to meet Beazley’s earlier 1,315p reference price, and if upcoming disclosures reveal arbitrage funds taking stakes anticipating a higher offer.
The trade cuts both ways. Should Zurich opt out by the Feb. 16 deadline—and no other bidder emerges—Beazley’s takeover premium could vanish quickly, dragging the stock back toward pre-offer levels.
Next in line are the upcoming bidder and shareholder statements before Feb. 16, followed by Beazley’s March 4 earnings. The board will probably lean on that report to make the case for its standalone value. 6
