Business
Extension of PUSU deadline
Beazley plc announced an extension to the PUSU (Put Up or Shut Up) deadline regarding a potential cash offer from Zurich Insurance Group. The deadline for Zurich to announce a firm intention to make an offer has been extended to 5:00 p.m. on March 4, 2026, following agreement in principle on key financial terms and ongoing confirmatory due diligence. There remains no certainty that a firm offer will be made. Disclaimer*
About this update from Beazley Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND\nMERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nFOR IMMEDIATE RELEASE\n \n16 February 2026\nBeazley plc\nExtension of PUSU deadline\nOn 4 February 2026, the Boards of Beazley plc (\"Beazley\" or the \"Company\") and Zurich Insurance Group (\"Zurich\") released a joint statement confirming that they had reached agreement in principle on the key financial terms of a possible recommended cash offer for the entire issued and to be issued ordinary share capital of the Company (the \"Joint Statement\").\nThe Joint Statement noted that in accordance with Rule 2.6(a) of the Code, Zurich is required by no later than 5.00 p.m. (London time) on 16 February 2026 (the \"PUSU Deadline\") either to announce a firm intention to make an offer for Beazley in accordance with Rule 2.7 of the Code or to announce that it does not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.\nAs anticipated in the Joint Statement, Zurich has commenced a period of confirmatory due diligence and, with the support of the Board and management of Beazley, that process is progressing as planned. The parties are simultaneously discussing the detailed terms of the transaction and progressing definitive transaction documentation. Accordingly, the Board of Beazley has requested, and the Takeover Panel has consented to, an extension of the PUSU Deadline.\nConsequently, in accordance with Rule 2.6(a) of the Code, Zurich is now required by no later than 5.00 p.m. (London time) on 4 March 2026 to either announce a firm intention to make an offer for Beazley in accordance with Rule 2.7 of the Code or announce that it does not intend to make such an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extend...