Transatlantic Investor Sues To Block $3.2B Sale

Law360, New York (June 17, 2011, 5:45 PM EDT) -- A Transatlantic Holdings Inc. shareholder filed a class action in Delaware on Friday objecting to the reinsurer's proposed $3.2 billion sale, saying the bid was far too low.

The shareholder, Alfred C. Ivers, filed suit in the Delaware Court of Chancery against Transatlantic, its board of directors and its proposed buyer, Switzerland-based Allied World Assurance Co. Holdings AG, claiming the proposed sale “does not adequately value Transatlantic shares.”

Ivers alleges the directors only agreed to the price to secure future positions for themselves on the board...
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