The spread between two of the dueling offers for reinsurer Transatlantic Holdings (TRH.N) virtually disappeared on Wednesday amid a fresh market rout, as deal-watchers waited for any sign as to what late entrant Berkshire Hathaway (BRKa.N) might do next. As of 12:20 p.m. ET, the gap between Transatlantic's accepted offer from Allied World (AWH.N) and its hostile offer from Validus Holdings (VR.N) was about $70,000 in Allied's favor. At one point, Validus's mid-July bid was nearly $400 million better than the Allied offer, which Transatlantic accepted in June. At the time each was made, the Allied World offer was worth $3.2 billion and the Validus offer was worth $3.5 billion. Validus has lost more than a fifth of its value over the last month since making its bid, which has narrowed the spread substantially. Both offers remain at a sharp discount to Transatlantic's share price and book value, though.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH fell by 2.53% or $-1.27/share to $48.93. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 913248 shares of TRH exchange hands on a given day and today's volume is recorded at 1178615.
Allied World Assurance Company Holdings, AG, formerly Allied World Assurance Company Holdings, Ltd. Shares of AWH fell by 1.97% or $-1.04/share to $51.83. In the past year, the shares have traded as low as $48.21 and as high as $65.70. On average, 371749 shares of AWH exchange hands on a given day and today's volume is recorded at 273057.
Validus Holdings, Ltd. provides reinsurance and insurance coverage in the property, marine and specialty lines markets, and insurance coverage. Shares of VR fell by 3.36% or $-0.84/share to $24.13. In the past year, the shares have traded as low as $23.28 and as high as $34.95. On average, 1164290 shares of VR exchange hands on a given day and today's volume is recorded at 667197.
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