A unit of Warren Buffett's Berkshire Hathaway Inc (BRKa.N) made a $3.24 billion takeover offer for Transatlantic Holdings Inc (TRH.N), topping two existing rival offers for the reinsurer. Transatlantic's board said on Sunday it would "carefully consider and evaluate" the $52-per-share offer by Berkshire unit National Indemnity Co. Berkshire has given the reinsurer time until the close of business on Monday, Aug. 8, to make a formal response to the offer. The news came just days after Berkshire reported a larger second-quarter profit. On Friday, one analyst said the conglomerate had to find ways to start spending its $47.89 billion cash pile in order to grow.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH fell by 3.58% or $-1.68/share to $45.24. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 790552 shares of TRH exchange hands on a given day and today's volume is recorded at 1227904.
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