Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Transatlantic Rebuffs Berkshire Hathaway

Transatlantic Holdings rebuffed Berkshire Hathaway’s cash bid of $3.25 billion, ensuring the deal would expire by market close on Monday.

Berkshire Hathaway informed Transatlantic on Friday that its offer of $52 per share would not increase. However, Transatlantic said in a statement that Berkshire’s “opportunistic” bid is far below its value of nearly $70 per share.

Berkshire Hathaway Inc.

The death of the Berkshire deal marks the end of another merger opportunity for Transatlantic, which canceled its proposed merger with Allied World Alliance last Friday amid shareholder opposition.

Validus Holdings is the only remaining bidder at the table, as it pursues a hostile stock-and-cash bid bid worth $47.41 per share or $2.96 billion. As part of its negotiations, Validus is attempting to replace Transatlantic’s Board of Directors to leverage its position.

Transatlantic is a holding company which provides fire, marine, and casualty insurance through its subsidiary companies.

Osterweis Capital Management, managed by John Osterweis, decreased their position in Transatlantic by 3% last quarter, which brought them to nearly 2 million shares.

Here are the top hedge funds with positions in Transatlantic Holdings.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...