TransAtlantic Sets Holder Meeting To Vote On Allied World Deal
20 August 2011 - 8:57AM
Dow Jones News
TransAtlantic Holdings Inc. (TRH) said Friday it will hold a
special meeting of stockholders Sept. 20 to vote on a proposed
merger with Allied World Assurance Co. (AWH).
The announcement comes as Berkshire Hathaway Inc. (BRKA, BRKB)
is said to be negotiating still with Transatlantic on its rival
offer to acquire the reinsurer. Validus Holdings Ltd. (VR) has also
attempted to thwart the Allied World bid with its own hostile
offer.
Terms of the Allied World deal dictate that TransAtlantic must
hold the vote and that the board support Allied World's offer
unless it gets a "superior proposal."
The Allied World agreement is an all-stock deal that would
exchange 0.88 Allied World share--worth about $44.84 based on
Friday's closing price--for each TransAtlantic share. Earlier this
month, Berkshire formally offered to buy Transatlantic for $52 a
share. The Validus offer would give 1.56 Validus shares and $8 in
cash--together amounting to about $47.89 based on Friday's closing
price--for each Transatlantic share.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com
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