Validus Fights Secrecy Terms In $3.2B Transatlantic Bid

Law360, New York (August 11, 2011, 3:36 PM EDT) -- Validus Holdings Ltd. on Thursday sued Transatlantic Holdings Inc. in Delaware state court, arguing that it shouldn't have to agree not to take a $3.2 billion buyout bid to the reinsurer's shareholders as part of a confidentially agreement related to the deal.

The suit seeks a declaration that the absence of a standstill provision in the confidentiality agreement wouldn't necessarily make the agreement different from that entered into between Transatlantic and its chosen acquirer, Allied World Assurance Co. Holdings AG.

According to a U.S. Securities and...
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