Reinsurance company Transatlantic Holdings Inc (TRH.N) said on Thursday it sued unsolicited suitor Validus Holdings Ltd (VR.N) and rejected its offer as "inferior and highly conditional." Transatlantic also established a poison-pill plan to keep anyone from taking control of the company in the open market. The plan lasts for a year and has a 10 percent ownership threshold. Transatlantic and Allied World Assurance Co Holdings Ltd (AWH.N) agreed to a friendly all-stock deal in June. A month later, Validus made its cash-and-stock offer. While both offers are at a discount to Transatlantic's stock price, the Validus discount is smaller. At one point, Transatlantic said Validus's offer could lead to a superior proposal, but the sides were unable to come to terms on a confidentiality agreement and Validus took its offer to shareholders.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH fell by 0.54% or $-0.28/share to $51.50. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 783384 shares of TRH exchange hands on a given day and today's volume is recorded at 537110.
Validus Holdings, Ltd. provides reinsurance and insurance coverage in the property, marine and specialty lines markets, and insurance coverage. Shares of VR fell by 0.77% or $-0.21/share to $27.07. In the past year, the shares have traded as low as $24.41 and as high as $34.95. On average, 1038930 shares of VR exchange hands on a given day and today's volume is recorded at 1302710.
Allied World Assurance Company Holdings, AG, formerly Allied World Assurance Company Holdings, Ltd. Shares of AWH traded higher by 0.93% or $0.51/share to $55.63. In the past year, the shares have traded as low as $48.21 and as high as $65.70. On average, 339397 shares of AWH exchange hands on a given day and today's volume is recorded at 360223.
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