Shareholders Attack Hostile Takeover Of Reinsurer

Law360, New York (May 3, 2007, 12:00 AM EDT) -- A potential class of U.S. shareholders has joined Swiss reinsurer Converium Holding AG in opposing a $2.56 billion hostile takeover by French rival Scor SA.

Shareholder Neil L. Sclater-Booth filed a proposed class action Tuesday against Scor and Swiss investment company Patinex AG, alleging that Scor’s exclusion of U.S. shareholders violates U.S. securities laws. U.S. shareholders represent about 22% of the company’s outstanding shares.

The suit claims that under the Williams Act, Scor is obligated to extend its tender offer to non-U.S. securities holders and U.S....
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