Aspen Insurance Holdings Limited announced Friday that most Aspen shareholders participating in a consent solicitation have rejected two proposals from Endurance Specialty Holdings Ltd, intended to give the latter greater leverage in a hostile takeover bid.

Aspen’s announcement was based on preliminary voting results as of the close of business on July 25, 2014—the target date for receiving consents set by Endurance.

Based on these preliminary results, as provided by the Company’s proxy solicitor, Aspen believes that shareholders owning at least 76 percent of Aspen’s outstanding shares did not support Endurance’s first proposal—to call a special meeting at which shareholders would vote on a proposal to increase the size of Aspen’s Board to 19 directors.

In addition, shareholders holding at least 81 percent of Aspen’s outstanding shares did not support Endurance petitioning the Supreme Court of Bermuda as part of a legal maneuver called an involuntary scheme of arrangement.

According to Aspen, of these amounts, shareholders holding more than 60 percent of Aspen’s outstanding shares took action to affirmatively reject both proposals on Aspen’s blue revocation card.

Aspen estimates that the number of shares affirmatively rejecting both Endurance proposals was at least two-and-a-half times as many as the number that consented (on Endurance’s white consent card).

Source: Aspen Insurance Holdings Limited