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Hardy rejects improved Beazley offer
Hardy Underwriting rejected a second 330p per share offer from Beazley that values the company at £170mn, and refused to consent to takeover talks. In a stock exchange announcement that closely resembled the statement it made in October after the first Beazley approach, Hardy's management said that it was rejecting the bid because it "substantially undervalues the company". In its stock exchange statement, Beazley said that without sufficient "encouragement" from shareholders it will withdraw its...

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