Beazley has acknowledged Zurich Insurance’s £7.7 billion takeover offer, saying it has not yet had the chance to consider it.

Zurich’s improved proposal of 1,280 pence per share was made public at around 1pm today and Beazley shares have spiked by over 40% since.

The insurance giant and FTSE 100 firm said that it will update shareholders in due course and urged them to take no action.