Converium slams SCOR takeover plan

ZUG, Switzerland--Converium Holding Ltd. said its board of directors "continues to be unanimous in its rejection" of SCOR S.A.'s offer for the company.

Converium said late Monday that it believes SCOR's unsolicited offer of 21.10 Swiss francs ($17.11) per share failed to recognize the value of Converium's franchise.

SCOR on Monday outlined an offer for the 67.1% of the Zug, Switzerland-based reinsurer it does not already own. Earlier this month, Paris-based SCOR had acquired 32.9% of the share capital of Converium.

A merger of the two reinsurers, SCOR said Monday, would create a top-five global reinsurer.

Earlier, in an analyst call to explain the offer, SCOR Chairman and Chief Executive Denis Kessler said the French reinsurer believed a merger of the two groups made sense for both parties and that SCOR's offer, while unsolicited, was "friendly."