Law360, New York (November 21, 2011, 3:47 PM ET) -- Property and casualty insurer Alleghany Corp. struck a deal Monday to buy highly coveted reinsurer Transatlantic Holdings Inc., besting rival suitors with a cash-and-stock offer valued at roughly $3.4 billion.
Alleghany said it would pay $59.79 per share for Transatlantic, a former unit of American International Group Inc. The stock-and-cash offer represents a 10 percent premium over Transatlantic's closing price on Nov. 18 and a 36 premium over its price on June 10, one day before a now-dead deal for the unit was announced.
"This transaction...
Alleghany Wins Fight For Transatlantic With $3.4B Offer
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