NU Online News Service, July 21, 2:16 p.m. EDT
Business has picked up in the bidding for Transatlantic Holdings since the New York-based reinsurer and Allied World Assurance called off their proposed merger, as Transatlantic says it has entered into two confidentiality agreements: one with Validus Holdings and one with an undisclosed third party.
Validus had been pursuing a hostile bid for Transatlantic after the company refused to agree to a confidentiality agreement that contained a “standstill provision” as a condition for discussions between the companies. The provision would have effectively stopped Validus from pursuing its bid without approval from the Transatlantic board, Validus CEO Ed Noonan had said.
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