NU Online News Service, Nov. 1, 2:59 p.m. EST
Validus Holdings Ltd. says it has extended its offer for Transatlantic Holdings Inc.
The offer was set to expire at 5 p.m. Oct. 31. The extension last until Nov. 25.
After ending its merger agreement with Allied World Assurance, Transatlantic announced it had entered into a confidentiality agreement with Validus—who stepped in with an unsolicited cash-and-stock offer before Transatlantic could close on its deal with Allied World.
Transatlantic rejected Validus’ original offer, valued at the time to be about $3.5 billion. Validus then took its offer directly to Transatlantic shareholders and the company’s filed suits against each other.
In separate statements, Transatlantic and Bermuda-based Validus say they now continue to exchange information related to a possible transaction.
Transatlantic says it is also in discussions with “other parties regarding potential strategic alternatives,” and the New York-based international reinsurance company is “fully committed to reaching a conclusion to this process expeditiously.”
Warren Buffett’s National Indemnity Co. reinstated its cash offer of $52 per share for Transatlantic shortly after the merger breakdown with Allied World, but that offer was to expire shortly after it was made. .
Transatlantic says it will not comment further unless required by New York Stock Exchange regulations.