London, Feb 27, 2026, 08:15 GMT — Regular session
- Beazley shares were little changed in early London trade, hovering around 1,248 pence
- Takeover-code filings showed Vanguard at 5.04% and BDL Capital at 1.091%
- Investors are focused on March 4, when Zurich’s firm-offer deadline and Beazley’s full-year results fall due
Beazley shares were little changed at about 1,248 pence in early London trade on Friday, after ending Thursday at 1,246 pence. The stock has been trading as a deal proxy since Zurich Insurance surfaced as a bidder. 1
The next hard marker is March 4. Under the UK Takeover Code, Zurich must either announce a firm offer by 5 p.m. London time that day or say it will not proceed — the so-called “put up or shut up” deadline. 2
That same day, Beazley is scheduled to publish its year-end results for 2025. Traders are watching for any dividend decision, because dividends feed directly into the headline value of Zurich’s proposal. 3
Zurich and Beazley said on Feb. 4 they had agreed in principle key financial terms of a possible recommended cash offer worth up to 1,335 pence per share, made up of 1,310 pence in cash and permitted dividends of up to 25 pence before completion. Beazley’s board said it would be minded to recommend an offer on those terms, subject to agreement on the rest of the deal and due diligence. 4
On Friday, Beazley published a corrected Opening Position Disclosure under the takeover rules, replacing an earlier filing from Feb. 3 and amending part of the form. Such filings are routine in an offer period, but they can still draw attention because they sit inside a tightly policed timetable. 5
A Form 8.3 filing on Thursday showed The Vanguard Group held 30,214,121 Beazley shares, or 5.04%, as of Feb. 25. The disclosure also listed small purchases and a minor sale around £12.36–£12.48 per share. 6
Another Form 8.3 filing showed BDL Capital Management reported a total interest of 1.091% as of Feb. 24, split between a 0.905% holding in shares and 0.187% in cash-settled derivatives. The form recorded a sale of 46,600 shares at 1,226 pence alongside a related increase in a CFD position. 7
Form 8.3 disclosures are required when an investor has interests in relevant securities representing 1% or more during an offer period. They give the market a running view of who is building positions, trimming them, or hedging around the bid.
At around 1,248 pence, Beazley trades roughly 7% below the maximum 1,335 pence value implied by Zurich’s proposal, leaving a small gap for deal risk and for uncertainty over the dividend size and timing. After the Feb. 4 announcement, Mark Kelly, chief executive of advisory firm MKI Global, said “risks should be low” around closing, though he also flagged the usual deal caveats. 8
But that spread can widen fast. If Zurich does not convert the proposal into a firm offer by the deadline, or if due diligence or negotiations trip up, Beazley’s shares could fall back toward levels seen before the bid surfaced.
Investors are now watching two things: any announcement from Zurich or Beazley ahead of the March 4 deadline, and Beazley’s full-year results on the same date for signals on dividends and the outlook that could shift the tone of talks.
