JMP: No guarantee that Enstar will return with higher Watford offer

Arch, Enstar, Watford Re

Despite Watford Holdings’ share price currently trading at a modest premium to Arch Capital’s $622mn all-cash offer, it is “more likely than it may seem” that rival suitor Enstar could walk away from its own ambitions for the Bermudian, according to JMP Securities analyst Matthew Carletti.

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