The largest shareholder in reinsurer Transatlantic Holdings (TRH.N) will oppose the company's acquisition by Allied World (AWH.N), opening the door to Transatlantic's two other suitors. Davis Selected Advisers, which owns 23.6 percent of Transatlantic, previously said it might oppose the deal, which was announced in June. "Davis Advisers believes that the current offer from Allied World Assurance Company Holdings is not in the best interest of maximizing value for shareholders," Davis said in a filing with the U.S. Securities and Exchange Commission on Wednesday. Davis has not said anything publicly about the other two offers for Transatlantic -- a hostile offer from Validus Holdings (VR.N), and an unsolicited offer from Berkshire Hathaway (BRKa.N).
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH fell by 0.1% or $-0.05/share to $49.64. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 1012470 shares of TRH exchange hands on a given day and today's volume is recorded at 1165789.
Allied World Assurance Company Holdings, AG, formerly Allied World Assurance Company Holdings, Ltd. Shares of AWH traded higher by 4.13% or $2.09/share to $52.71. In the past year, the shares have traded as low as $48.21 and as high as $65.70. On average, 389911 shares of AWH exchange hands on a given day and today's volume is recorded at 251607.
Validus Holdings, Ltd. provides reinsurance and insurance coverage in the property, marine and specialty lines markets, and insurance coverage. Shares of VR traded higher by 0.08% or $0.02/share to $25.58. In the past year, the shares have traded as low as $23.28 and as high as $34.95. On average, 1156310 shares of VR exchange hands on a given day and today's volume is recorded at 539600.
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