Transatlantic Holdings has entered a confidentiality agreement and takeover talks with another anonymous third party.
Transatlantic Holdings has entered a confidentiality agreement and takeover talks with another anonymous third party. This latest suitor is in addition to the anonymous third party revealed late last month, believed to be former Gen Re chief executive Joe Brandon.
Transatlantic has also signed confidentiality agreements with Bermudian (re)insurer Validus, which has been trying to buy the company since July, and Berkshire Hathaway reinsurance unit National Indemnity. However, Transatlantic deems National Indemnity’s $52-a-share offer too low.
Validus had previously refused to enter a confidentiality agreement with Transatlantic, arguing such a move would prevent it from taking its offer directly to shareholders.
The company broke off a merger agreement with Allied World Assurance in mid-September after shareholders were advised to reject Allied World’s offer.new