Validus CEO Ed Noonan has accused Transatlantic board of wasting time and a failure to pursue the best possible outcome for its shareholders.
In a letter sent directly to Transatlanic shareholders, Noonan said: “Since Validus made its superior proposal on July 12, Transatlantic’s board of directors has wasted more than six weeks refusing to engage in discussions with Validus because of self-imposed roadblocks.”
“It appears that in all this time, and despite the existence of multiple proposals providing greater value than Allied World’s inferior proposal, the Transatlantic board has not developed a better alternative to Allied World’s inferior proposal,” Noonan added.
Noonan urged shareholders to reject the Allied World offer claiming its proposal offers a 3.3% premium to Allied World’s offer as at 1 September 2011.
Noonan began a hostile takeover bid for Transatlantic on 25 July and continues to maintain talks directly with shareholders.