Beazley drops pursuit of Hardy

The board of Hardy confirmed the withdrawal of the offer yesterday and said it received a proposal from Beazley on 1 December, 2010 to acquire the entire issued and to be issued share capital of Hardy at up to 350 pence per share.

The proposal was not a firm commitment and was subject to due diligence and a number of pre conditions, including the assumption that no final dividend would be paid.

Hardy said that it met with Beazley on 13 December, 2010 to indicate a carefully considered basis on which it would be prepared to recommend a transaction.

“Hardy has always believed that Beazley’s approach undervalued the Company. Hardy will continue to focus on its successful strategy for controlled growth with the aim of maximising value for shareholders, including maintaining its progressive dividend policy,” the insurers said in a statement.

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“It is business as usual at Hardy. We are confident that our strategy and growth plans will continue to deliver shareholder value,” stated Barbara Merry, Chief Executive of Hardy.