Validus agrees confidentiality deal with Transatlantic – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Validus agrees confidentiality deal with Transatlantic

Bermuda-based Validus Holdings Ltd has a agreed a confidentiality agreement with US reinsurer Transatlantic Holdings, Inc.

The deal clears the way for Validus, which made a takeover bid of $47.41 per share for Transatlantic last month, to exchange non-public information with its takeover target during negotiations between the two over the next month.

The agreement runs through October 31 and under the agreed terms, Validus and Transatlantic have called a truce in their pending legal battle in the Delaware courts.

Also Validus agreed to suspend its efforts to acquire more Transatlantic stock or to solicit support from the US firm’s shareholders until the agreement expires.

The news comes after Transatlantic last week rejected a $3.25 billion bid from Warren Buffett’s Berkshire Hathaway and also announced the termination of its agreement to merge with Allied World Assurance Company.

Shares of Transatlantic shot up 3.7 percent on Friday to $46.65. The agreement was announced after the close of regular trading.

Validus: Negotiating with Transatlantic

You must be Registered or to post comment or to vote.

Published September 26, 2011 at 10:53 am (Updated September 26, 2011 at 10:52 am)

Validus agrees confidentiality deal with Transatlantic

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon