Home Wealth  Money Victor Emerges In Battle For Transatlantic

Victor Emerges In Battle For Transatlantic

Posted: Nov. 22nd, 2011  |  By Forbes

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The battle to acquire Transatlantic Holdings appears to be won, at least for now.

Alleghany Corporation (nyse: Y - news - people ) said today it has agreed to acquire Transatlantic for $59.79 per share in cash and stock, or a total of about $3.4 billion.

Transatlantic will become an independent standalone subsidiary of Alleghany following the transaction.

Transatlantic shareholders will received 0.145 Alleghany common shares and $14.22 in cash, a 36% premium to Transatlantic's close price on June 10, after which the company announced it had agreed to be acquired by Allied World Assurance (nyse: AWH - news - people ) Company Holdings .

Subsequent to that agreement, Transatlantic received competing offers, including one from Validus .

Transatlantic cancelled it merger agreement with Allied World in September, and rejected Validus' latest offer at the beginning of this month.

In the course of the bidding war, Transatlantic has also been in discussions with Berkshire Hathaway (nyse: BRK - news - people ) (BRKa, BRKb) and other unnamed parties.

Transatlantic's chairman said the Alleghany deal offers immediate value to shareholders with the opportunity to create long-term value.

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