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Hartford rejects higher bid from Chubb


Hartford Financial Services Corp. on Thursday rejected an increased $25 billion takeover offer from larger rival Chubb Ltd.

The $70 a share offer was an increase from the $65 a share, or about $23 billion, offer that Chubb made last month and which was also rejected by Hartford. Chubb also made a $67 a share offer later in March. After the initial offer, analysts said that Hartford was worth $80 a share or more.

In an April 14 letter released by Hartford, Chubb Chairman and CEO Evan Greenberg said the higher offer was a “substantial increase” and that the cash and stock deal offered Hartford shareholders value above the $70 offer through “participation in synergies and Chubb value creation.”

In a letter Thursday rejecting the second offer, Hartford Chairman and CEO Christopher J. Swift said the insurer’s board “unanimously determined to reject the proposal, confirming its prior determination that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. The board also unanimously reaffirmed its conviction and confidence in The Harford’s strategic business plan.”

In a statement Thursday, Chubb said: "The path to a transaction would have been engagement coming from The Hartford on the terms of our last proposal. Although we are disappointed, we want to repeat that our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquirer."