Validus extends offer to buy Transatlantic

PEMBROKE, Bermuda—Validus Holdings Ltd. Has extended until Nov. 25 its offer to buy Transatlantic Holdings Inc.

A confidentiality agreement and discussion period between Pembroke, Bermuda-based Validus and New York-based Transatlantic ended Oct. 31.

Validus said Tuesday that it remained in discussions with Transatlantic, but that there was no guarantee that a deal would be completed.

Validus is one of several reported bidders for Transatlantic.

Transatlantic was in discussions with Omaha, Neb.-based Berkshire Hathaway Inc.’s National Indemnity Co., though it is unclear whether those discussions have continued after Transatlantic’s rejection of a $52 per share offer and Berkshire’s refusal to up the bid.

Two other, unnamed bidders are in discussions with Transatlantic.

Those bidders are believed to include a group of investors led by former Gen Re Corp. CEO Joseph Brandon.

And a joint bid from Hamilton, Bermuda-based Enstar Group Ltd. and New York-based C.V. Starr & Co. reportedly was made last month.

In September, a planned merger between Transatlantic and Zug, Switzerland-based Allied World Assurance Co. collapsed.