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