Transatlantic Botched $3.4B Sale To Alleghany: Suit

Law360, New York (November 22, 2011, 9:51 PM EST) -- A putative class of Transatlantic Holdings Inc. shareholders on Tuesday in New York state court accused the reinsurer of breaching its fiduciary duty in its $3.4 billion sale to Alleghany Corp., just one day after the deal was announced.

Common stock shareholders targeted Transatlantic, its board of directors, Alleghany and merger subsidiary Shoreline Merger Sub LLC in the suit, alleging the board sold the company through an unfair process.

Under the terms of the proposed acquisition, Transatlantic shareholders will receive 0.145 Alleghany shares and $14.22 in...
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