AWH: Allied World Assurance Company Holdings, AG Market Currents - Mergers and Acquisitions

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Monday, November 21, 2011, 4:50 AM Transatlantic (TRH) is in talks with yet another suitor, Alleghany (Y), and the firms may even announce their engagement today, reports say. Alleghany will pay about $59-60 a share, a premium of up to 10% on Transatlantic's close on Friday. The price values Transtlantic at $3.4B, above Alleghany's market cap of $2.7B. (previous) Comment! [M&A]
Friday, September 23, 2011, 5:25 PM Validus (VR) wins a skirmish with hostile takeover target Transatlantic (TRH) that will allow the companies to exchange non-public information. The "limited standstill" agreement, which expires Oct. 31, comes after a competing deal with Allied World Assurance (AWH) was called off. Comment! [Financials, M&A]
Tuesday, September 20, 2011, 3:00 AM Transatlantic (TRH) is reportedly exploring a "limited standstill" agreement with Validus (VR), after rejecting a reinstated offer from National Indemnity (BRK.A) and calling off a planned merger with Allied World Assurance (AWH). Comment! [Financials, M&A]
Friday, September 16, 2011, 7:37 AM Transatlantic (TRH) will pay Allied World (AWH) a termination fee of $35M and expenses of $13.3M after their merger hits the skids, as part of the agreement between the firms. Shareholders of Tranatlantic will also see $455M added to an existing shareholder repurchasement plan. Premarket: TRH -1.1%, AWH +0.5%. Comment! [M&A]
Friday, September 16, 2011, 7:24 AM Transatlantic (TRH) and Allied World (AWH) announce they will mutually terminate their previously announced merger agreement. Comment! [M&A]
Monday, September 12, 2011, 10:33 AM Allied World (AWH) touts a recommendation from proxy advisory firm ISS that Allied shareholders support a proposal to merge with Transatlantic (TRH). Yet separately, ISS recommends TRH shareholders oppose the deal, advising they could get more money from either of two other takeover offers from Berkshire Hathaway (BRK.A) or Validus (VR). Comment! [M&A, Financials]
Thursday, August 25, 2011, 9:11 AM Transatlantic's (TRH) biggest shareholder, Davis Selected Advisors, says it opposes the insurer’s proposed $2.9B merger with Allied World Assurance (AWH), a major blow to Transatlantic as it tries to fend off an unsolicited $3B takeover bid by Validus (VR). One wild card remains in the mix: TRH is in discussions about a potential takeover by a unit of Berkshire Hathaway (BRK.A). Comment! [M&A, Financials]
Tuesday, August 16, 2011, 11:57 AM Berkshire Hathaway (BRK.A -0.6%) is continuing to negotiate a potential $3.25B purchase of reinsurer Transatlantic (TRH -0.3%), despite Warren Buffett's claim that the deal was off the table, WSJ reports. Transatlantic shareholders would first need to vote to reject an earlier $2.9B offer from Allied World (AWH -1.2%) if they want to accept the Berkshire bid. Comment! [M&A, Financials]
Sunday, August 14, 2011, 4:07 AM Transatlantic (TRH) has entered into talks with National Indemnity (BRK.A), which has bid $3.25B for the reinsurer. Transatlantic rejected the offer but believes talks will lead to a superior offer. The company already has an agreed deal with Allied World (AWH) and has received a proposal from Validus (VR). (previous) Comment! [M&A, Financials]
Friday, August 12, 2011, 4:05 AM Validus (VR) sues Transatlantic (TRH) to force the latter to consider Validus' buyout offer over a deal with Allied World (AWH). Validus argues that Transatlantic is "arbitrarily" refusing to enter into talks even though its bid was worth more than Allied's, although they're now both worth $2.8B. (previous) Comment! [M&A, Financials]
Tuesday, August 9, 2011, 3:15 AM Transatlantic (TRH) rejects a $3.25B bid from Indemnity (BRK.A), saying it's not superior to an agreed bid from Allied World (AWH), which is worth $2.75B. However, Transatlantic will enter negotiations with Indemnity as it believes such talks would lead to a "superior proposal." (PR) (previous) Comment! [M&A, Top Stories, Financials]
Monday, August 8, 2011, 5:09 AM Transatlantic (TRH) confirmed early yesterday that it had received an offer of $52/share from Berkshire Hathaway's (BRK.A) National Indemnity Co. Transatlantic, which previously announced a $2.8B merger deal with Allied World (AWH), says it's considering the $3.25B proposal. Comment! [M&A, Financials]
Thursday, July 28, 2011, 10:56 AM Transatlantic (TRH) urges shareholders to reject an offer by Validus (VR) to buy their stock and adopts a poison-pill provision to cut off Validus' attempt at a hostile takeover. Transatlantic says its previously announced deal with Allied World Assurance (AWH) will "provide greater long-term value potential to Transatlantic stockholders." Comment! [M&A, Financials]
Monday, July 25, 2011, 10:03 AM Validus Holdings (VR -1.3%) takes its $3.5B tender offer to acquire Transatlantic Holdings (TRH -0.8%) directly to shareholders after its board insists Validus agree to a standstill agreement. Earlier this month, Validus proposed the takeover in an attempt to scuttle a prior $3.2B merger agreement between the reinsurer and Allied World Assurance (AWH +0.2%). Comment! [M&A, Financials]
Wednesday, July 13, 2011, 1:41 PM Reinsurer Validus Holdings (VR) is down 8.2%, and Transatlantic Holdings (TRH) is up 6%, after Transatlantic announced it will "evaluate" Validus' buyout offer, which seeks to trump an offer from Allied World (AWH). Analysts believe Validus will be taking on "additional risk" by acquiring Transatlantic. Comment! [Financials, M&A]
Wednesday, July 13, 2011, 6:23 AM Validus (VR) announced late yesterday an offer of $3.5B, or $55.95/share, for Transatlantic Holdings (TRH), a 12.1% premium to an agreement already in place between Transatlantic and Allied World (AWH). Validus will hold an 8am ET conference call for investors, accessible here. (previously) Comment! [M&A, Financials]

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Allied World Assurance Company Holdings, AG