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PEMBROKE, Bermuda (Reuters)—Reinsurer Validus Holdings Ltd. said on Monday it withdrew its offer for peer Transatlantic Holdings Inc., ending a months-long hostile takeover battle.
In a filing with the U.S. Securities and Exchange Commission, Validus said it would return about 7.7 million Transatlantic shares, representing a 13.4% stake in the company, tendered in the offer to the shareholders.
In the filing, Validus said certain conditions to its tender offer, which expired on November 25, were not satisfied.
Last week, Transatlantic's board, which had repeatedly rebuffed Validus, accepted a $3.4 billion stock and cash deal from property and casualty insurer Alleghany Corp.
The Transatlantic saga has dragged on for months, since it first struck a deal with peer Allied World Assurance Co. Holdings Ltd. in June. That deal fell apart in September, amid opposition from Transatlantic's largest shareholder, and in the face of two unsolicited bids that were worth more money.
NEW YORK (Reuters)—Bermuda-based reinsurer Validus Holdings Ltd. said it was looking to replace the board of Transatlantic Holdings Inc., which had failed to accept a sweetened takeover offer worth around $55.35 per share.