U.S. property and casualty insurer Alleghany Corp said it would purchase reinsurer Transatlantic Holdings for $3.4 billion in cash and stock, a day after a source told Reuters that Alleghany was close to a deal for the company.The agreement puts an end to the months-long takeover battle for Transatlantic, which has been courted by Allied World Holding, Validus Holdings Ltd, National Indemnity, a unit of Warren Buffet's Berkshire Hathaway among other suitors.Under the terms of the deal, Transatlantic shareholders will receive $14.22 in cash and 0.145 Alleghany shares for each share, for a total value of $59.79 per share.The price is at a premium of about 10 percent over Transatlantic's Friday close of $54.43 on the New York Stock Exchange.
Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. Shares of BRK-A remained unchanged at $112890.00. In the past year, the shares have traded as low as $98952.00 and as high as $131463.00. On average, 69772 shares of BRK-A exchange hands on a given day and today's volume is recorded at 0.
Berkshire Hathaway Inc. (Berkshire) is a holding company owning subsidiaries engaged in a number of diverse business activities. Shares of BRK-B remained unchanged at $75.37. In the past year, the shares have traded as low as $65.35 and as high as $87.65. On average, 7701320 shares of BRK-B exchange hands on a given day and today's volume is recorded at 0.
Transatlantic Holdings Inc. (NYSE: TRH): traded higher by 5.00% or $2.72/share in pre-market trading to $57.15. In the past year, the shares have traded as low as $43.85 and as high as $54.08. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $49.11 area where the stock will likely see buying pressure.
Validus Holdings, Ltd. provides reinsurance and insurance coverage in the property, marine and specialty lines markets, and insurance coverage. Shares of VR remained unchanged at $28.65. In the past year, the shares have traded as low as $23.24 and as high as $34.95. On average, 1201970 shares of VR exchange hands on a given day and today's volume is recorded at 0.
Alleghany Corporation is engaged, through Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries RSUI Group, Inc. Shares of Y remained unchanged at $314.26. 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 0.
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