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Swiss-based reinsurer Converium has rejected a 3.1 billion Swiss franc ($2.5 billion U.S.) unsolicited bid for the company from French reinsurer SCOR.

In a statement, Converium said its board of directors said the bid was not in the best interest of the company’s shareholders or customers. It rejected the bid because “it fundamentally fails to recognize the value of Converium’s franchise and growth prospects.”

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