Converium said its board of directors will urge shareholders toreject SCOR's tender offer, believing it fundamentally undervaluesthe company's growth prospects.
The Zug, Switzerland-based carrier said the company's recentplan will create a return on equity of 14 percent and createlong-term shareholder value in excess of SCOR's price.
The offer of the Paris-based reinsurer represents only a 12.3percent premium compared with the closing stock market price ofConverium shares on Feb. 16, the insurer asserted.
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