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 the fate of Transatlantic uncertain amid two larger, unsolicited offers. Transatlantic said it would remain open to making a deal, while also increasing its share buyback program and naming a new chief executive. Its largest shareholder, which opposed the Allied deal, came out in favor of the new plan. 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. Allied World's all-stock offer was worth $2.94 billion, or $47.05 a share, at Thursday's closing prices and represented a roughly 5 percent discount to Transatlantic's share price.
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 58290.
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