Zurich's dropped RSA bid surprises market

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Zurich’s decision to shelve its plans to take over RSA surprised many observers.

It appeared to be a case of dotting the i’s and crossing the t’s after the original 25 August deadline for the Swiss-based insurer to make a bid was extended to 22 September. 

Zurich had offered £5.50 per share, valuing RSA at £5.6bn, which by all accounts was an attractive offer in view of its troubled recent history.

RSA’s board thought the offer was worthy of being put to its shareholders subject to the satisfact

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