After a mutual termination of the agreement held between Transatlantic Holdings, Inc. and Allied World Assurance Company Holdings was announced on Friday, Berkshire Hathaway member National Indemnity Company resent their unsolicited $3.25 billion offer to purchase Transatlantic.
Transatlantic’s Board of Directors reiterated their opposition to the overture, which would pay $52 per share for the New York-based reinsurer, a 25% discount considering the estimated book value per share for Transatlantic at the end of the third quarter sits at $69-$70. Transatlantic’s Board of Directors persists that this would not provide the value to their stockholders they are looking for.
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