NEW YORK, Sept. 19, 2011 /PRNewswire/ -- Transatlantic Holdings, Inc. (NYSE: TRH) ("Transatlantic" or "the Company") today announced that on September 16, 2011, the Company received a letter from National Indemnity Company ("National Indemnity"), a member of the group of insurance companies of Berkshire Hathaway Inc. (NYSE: BRK.A, BRK.B), reinstating National Indemnity's previous proposal to acquire Transatlantic for $52.00 per share in cash.
On September 16, 2011, the Company announced that its preliminary estimate of book value per share at the end of the third quarter was $69.00 to $70.00. The Transatlantic Board of Directors believes that selling Transatlantic for cash at the substantial discount to book value represented by the National Indemnity proposal simply would not deliver fair value to its stockholders. National Indemnity has neither increased its opportunistic $52 per share proposal nor shown interest in conducting full due diligence or holding discussions that could lead to a higher offer.
The letter from National Indemnity states that the offer is open for acceptance until the close of business on Monday, September 19, 2011 and that National Indemnity will not be renewing its offer. Transatlantic and National Indemnity remain under a confidentiality agreement, and, while further talks may occur, no further talks are currently scheduled.
Transatlantic also announced that it posted an investor presentation to its website regarding its assessment of current industry dynamics, its strategic review process and its views on proposals to acquire the Company. Investors can access the presentation at www.transre.com by clicking on the "Investor Information" tab and selecting "Presentations." The presentation has also been filed with the Securities and Exchange Commission ("SEC") and is available on the SEC's website at www.sec.gov.Below is the full text of the letter that National Indemnity sent to Transatlantic on September 16, 2011: September 16, 2011 Mr. Robert OrlichPresident & CEOTransatlantic Holdings, Inc. 80 Pine Street New York, NY 10005 Dear Bob: