Transatlantic Sues Validus Over Bid To Oust Board

Law360, New York (November 18, 2011, 6:40 PM EST) -- Transatlantic Holdings Inc. sued Validus Holdings Ltd. in Delaware on Friday over its bid to force out three of Transatlantic's board members after the reinsurer rejected Validus’ increased takeover offer valued at roughly $3.4 billion.

Validus said Nov. 3 that Transatlantic had rejected the revised, $55.35 per-share cash and stock offer as too low. In response, Validus said it would seek to replace Transatlantic directors Raymond C. Groth, Paul G. Haggis and Thomas C. Wajnert, a contingency for which a September agreement between the two companies...
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