Bermuda-based reinsurer Validus Holdings took its unsolicited $3.2 billion cash and stock offer for Transatlantic Holdings directly to the company’s shareholders Monday, in an attempt to top rival Allied World Assurance Company Holdings in a takeover battle for the U.S. reinsurer.
The war for Transatlantic began in June, when AWA and Transatlantic announced plans for a merger, now valued at just more than $3 billion. Validus trumped AWA’s bid earlier this month with an unsolicited higher offer for the New York-based reinsurer.
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