Law360, New York (July 25, 2011, 2:52 PM ET) -- Validus Holdings Ltd. on Monday took its $3.2 billion bid for Transatlantic Holdings Ltd. hostile, going straight to shareholders with the cash-and-stock offer after talks with the global reinsurer’s board broke down.
The exchange offer — which was first announced July 12 and would see Transatlantic shareholders get 1.5564 voting common shares and $8 cash for each share of Transatlantic they own — is aimed at beating an Allied World Assurance Co. Holdings Ltd. stock-for-stock offer that Validus says is inferior.
The impasse with the target’s...
Validus Takes $3.2B Transatlantic Bid To Shareholders
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