U.S. property and casualty insurer Alleghany Corp made a surprise entry into the battle for Transatlantic Holdings with a $3.4 billion cash-and-stock deal to purchase the reinsurer, squaring off against a hostile bid from Validus Holdings Ltd.Alleghany's offer values Transatlantic at $59.79 per share, topping Validus' $55.59 a share offer, based on their closing prices Friday on the New York Stock Exchange.But in Monday trading, Alleghany's shares were off as much 10 percent, while Validus' stock rose 4 percent. At those prices, Alleghany's offer was cut to $55.27, below the value of Validus' stock and cash bid that was now worth $57.37.Transatlantic's shares rose 3 percent to hit a day high of $56, and were trading at $55.21 late morning.
Transatlantic Holdings, Inc. (TRH) is a holding company. Shares of TRH traded higher by 1.36% or $0.74/share to $55.17. In the past year, the shares have traded as low as $43.85 and as high as $54.08. On average, 1087640 shares of TRH exchange hands on a given day and today's volume is recorded at 2943091.
Alleghany Corporation is engaged, through Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries RSUI Group, Inc. Shares of Y fell by 7.36% or $-23.13/share to $291.13. In the past year, the shares have traded as low as $278.74 and as high as $342.71. On average, 16470 shares of Y exchange hands on a given day and today's volume is recorded at 141029.
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