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ZUG, Switzerland—Allied World Assurance Co. Holdings A.G. and Transatlantic Holdings Inc. will hold shareholder meetings Sept. 20 to vote on their merger agreement, the companies announced.
Allied World’s investors will meet at the reinsurer and insurer’s headquarters in Zug, Switzerland, and Transatlantic’s will meet in New York, according to a Friday regulatory filing with the Securities and Exchange Commission. New York-based reinsurer Transatlantic announced an all-stock merger agreement with Allied World in June. Other bidders One month later, Bermuda-based reinsurer Validus Holdings Ltd. launched its own effort to acquire Transatlantic with a stock-and-cash bid. On Monday, Validus filed a statement with the SEC urging Transatlantic stockholders to vote against merging with Allied World. Earlier this month Omaha, Neb.-based Berkshire Hathaway Inc. came into the fray with its own offer. All three deals were valued at more than $3 billion when announced, but have fluctuated with stock market turbulence. The respective boards of Allied World and Transatlantic have unanimously recommended that their investors vote in favor of the merger agreement, according to their filing.
NEW YORK (Reuters)—Reinsurer Validus Holdings Ltd. Sunday urged target Transatlantic Holdings Inc. to enter into discussions over its proposed takeover and said its offer is superior to one from Allied World Assurance Co.