Validus Drops Transatlantic Hostile Takeover Bid

Law360, New York (November 28, 2011, 7:43 PM EST) -- Validus Holdings Ltd. on Monday abandoned a bitter fight to take over Transatlantic Holdings Inc. after the highly coveted reinsurer accepted Alleghany Corp.'s roughly $3.4 billion offer last week.

Validus and others have been in hot pursuit of Transatlantic since the reinsurer's largest shareholder, Davis Selected Advisers, and advisory firm Institutional Shareholders Services in September unraveled a planned merger with fellow reinsurer Allied World Assurance Co.

In a filing with the U.S. Securities Exchange Commission, Validus said it would withdraw its offer and return more than...
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