Berkshire Bids for Transatlantic Holdings
NEW YORK ( TheStreet) -- Reinsurer Transatlantic Holdings (TRH) announced Sunday it has received a $3.25 billion buyout offer from National Indemnity Company, a unit of Warren Buffett's Berkshire Hathaway (BRK.A).
In a news release, Transatlantic says National Indemnity is offering $52 for each of its outstanding shares, a 15% premium to Transatlantic's Friday closing price of $45.24.
In June, Transatlantic agreed to merge with Allied World Assurance Company (AWH). Under the terms of that deal, Transatlantic shareholders would receive 0.88 Allied World shares for each Transatlantic share. Based on Allied World's Friday closing share price of $50.25, that deal values Transatlantic at $44.22 a share, or $2.76 billion.
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