With four days remaining until a special stockholder’s meeting was planned to vote on the a merger with Allied World Assurance Company Holdings, Transatlantic Holdings, Inc. announced today that the two have mutually terminated their merger agreement.
Consistent with the terms of that agreement, Transatlantic must now pay a termination fee of $35 million, and should the company, within one year, enter a definitive agreement with a competing transaction, submit a competing transaction to their stockholders or consummate one, they will owe Allied an additional $66.7 million.
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