Reinsurer Allied World Assurance (AWH.N) said on Monday that an influential advisory firm had recommended its shareholders vote for a deal to purchase peer Transatlantic Holdings Inc (TRH.N), even though the same firm said Transatlantic shareholders should reject the offer. The recommendations added to the three-month-old drama surrounding the deal, with Allied World and Transatlantic shareholders due to vote on Sept. 20. As it stands, Allied's offer is the smallest of three outstanding offers for Transatlantic, whose largest shareholder has said it will vote against the merger. Allied World said it was disappointed that the proxy advisory firm, Institutional Shareholder Services, had recommended Transatlantic's shareholders vote against the offer. Transatlantic said it too was disappointed.
Allied World Assurance Company Holdings, AG, formerly Allied World Assurance Company Holdings, Ltd. Shares of AWH traded higher by 0.02% or $0.01/share to $51.94. In the past year, the shares have traded as low as $49.00 and as high as $65.70. On average, 413633 shares of AWH exchange hands on a given day and today's volume is recorded at 24669.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH traded higher by 0.27% or $0.13/share to $48.96. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 1002790 shares of TRH exchange hands on a given day and today's volume is recorded at 59290.
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