Reinsurer Takeover Bid Spills Into U.S. Court

Law360, New York (April 17, 2007, 12:00 AM EDT) -- Swiss reinsurer Converium has fought a hostile takeover attempt by rival Scor S.A. with a U.S. lawsuit claiming the French company’s $2.56 billion bid unlawfully excludes American shareholders.

The suit, filed Monday, said Converium’s U.S. shareholders represented about 22% of the company’s outstanding shares yet were unfairly excluded from participating in Scor’s unsolicited tender offer made solely to Swiss shareholders. The reinsurer claimed that under the Williams Act, Scor had to extend its offer to Converium's U.S. shareholders but had not done so.

“We feel the...
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