The largest shareholder in reinsurer Transatlantic Holdings Inc (TRH.N) will oppose the company's acquisition by Allied World, opening the door to 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. Because of an agreement with New York insurance regulators, the firm can only vote a 9.9 percent stake freely and has to vote its remaining shares in proportion to the votes of other shareholders.
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.
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