Validus Plans Board Battle To Close Transatlantic Deal

Law360, New York (November 3, 2011, 2:18 PM EDT) -- Validus Holdings Ltd. will attempt to oust three members of reinsurer Transatlantic Holdings Inc.'s board of directors now that the company has rejected Validus' increased, $55.35-per-share offer for Transatlantic, Validus said Thursday.

In a statement, Pembroke, Bermuda-based Validus said that Transatlantic had rejected the revised cash and stock offer, which values Transatlantic at approximately $3.4 billion, as too low. In response, Validus said it would seek to replace Transatlantic directors Raymond C. Groth, Paul G. Haggis and Thomas C. Wajnert, a contingency provided for under a...
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