NU Online News Service, Nov. 3, 12:26 p.m. EST

The latest offer from Validus Holdings to buy Transatlantic Holdings has been rejected—the latest chapter in the pursuit of the New York-based international reinsurance company.

The latest cash-and-stock offer was valued at more than $3.4 billion, with an increase to as much as $55.35 a share based on Transatlantic's closing price on Nov. 2, Validus says.

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