Validus Targets Transatlantic Board In $3.2B Hostile Bid

Law360, New York (September 14, 2011, 2:21 PM EDT) -- Validus Holdings Ltd. upped the ante Wednesday on Transatlantic Holdings Inc., a rival it is targeting for a $3.2 billion cash-and-stock takeover, telling U.S. regulators it will try to replace the reinsurer's seven-member board and install three candidates.

That effort came in the form of a preliminary consent solicitation statement filed with the U.S. Securities and Exchange Commission, the Bermuda-based Validus said.

Validus' push to take over the Transatlantic got a major boost in late August when the targeted company's largest shareholder, Davis Selected Advisers LP,...
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