Alleghany Corp. and Transatlantic Holdings Inc. have entered into a definitive agreement to combine Transatlantic with Alleghany. Under the terms of the transaction, the stockholders of Transatlantic will receive aggregate consideration, currently valued at $59.79 per share in stock and cash, or about $3.4 billion.

Transatlantic says common shares will be exchanged for per-share consideration, consisting of 0.145 Alleghany common shares and $14.22 in cash. Transatlantic stockholders may elect to receive cash or stock consideration, subject to proration in the event of oversubscription. The stock consideration is expected to be tax-free to Transatlantic stockholders.

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