NU Online News Service, July 21, 3:13 p.m. EDT
Transatlantic Holdings Inc. says the merger offer from Validus Holdings is not a superior one to the agreed deal it has with Allied World Assurance Co. Holdings—at least, not yet.
Though Transatlantic’s board of directors, after meeting with financial and legal advisors, has determined Validus’ unsolicited $3.5 billion offer to Transatlantic is not better than the $3.2 billion merger agreement it has with Allied World, the New York-based international reinsurer says in a statement it is willing to talk more with Validus.
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