Reinsurers Allied World Assurance Co Holdings Ltd (AWH.N) and Transatlantic Holdings Inc (TRH.N) called off their merger on Friday in the face of overwhelming opposition, leaving Transatlantic to decide between two larger, unsolicited offers. Allied World said in a statement it would receive a $35 million break-up fee and $13.3 million in expenses from Transatlantic. Transatlantic would owe Allied another $66.7 million if it entered into another deal within a year. Shareholders were due to vote on the agreement this coming Tuesday, but it was almost universally expected to be rejected. Three proxy advisory firms said Transatlantic investors should reject the deal, the company's largest shareholder was planning to vote against it and an Allied executive told a Barclays Capital conference last week that the deal was unlikely to succeed.
Allied World Assurance Company Holdings, AG, formerly Allied World Assurance Company Holdings, Ltd. Shares of AWH remained unchanged at $53.47. In the past year, the shares have traded as low as $49.00 and as high as $65.70. On average, 380742 shares of AWH exchange hands on a given day and today's volume is recorded at 0.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH remained unchanged at $49.55. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 919738 shares of TRH exchange hands on a given day and today's volume is recorded at 600.
Source
