This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Transatlantic Receives Letter From National Indemnity Reinstating $52 Per Share All-Cash Proposal To Acquire The Company

Given that Transatlantic and Allied World have now mutually terminated their merger agreement, I am pleased to reinstate our proposal for National Indemnity Company to acquire all the outstanding shares of Transatlantic for a cash price of $52.00 a share. This offer is not subject to any financing contingencies or due diligence requirements.

We have as you know reviewed the Allied World merger agreement, and we propose to essentially follow the terms and conditions of that agreement, including the terms and conditions of the break-up fee payable to us under various scenarios. We will obviously have to modify the Allied World agreement in light of the cash nature of our proposal, and otherwise make sensible revisions, such as pushing back the deadlines by 90 days, etc. In short, however, I am confident the Allied World merger agreement can quickly be revised into a merger agreement that would reflect our agreed terms.

This offer is open for acceptance until the close of business on Monday, September 19, 2011. I believe, and hope you agree, that this timeframe is reasonable given the substantial time period you and the Board have had to consider my earlier letter, even though for technical reasons you may not have been in a position at that time to be more forthcoming in responding to us.

Finally, I want to confirm to you that, should this proposal not be accepted by the Transatlantic Board, (1) we will not approach the Transatlantic shareholders directly with a proposal; and (2) we will not be renewing this offer.

I hope you and the Board conclude that this offer is in the best interest of Transatlantic shareholders, and I look forward to hearing from you.


/s/ Ajit JainPresident

Goldman, Sachs & Co. and Moelis & Co. LLC are acting as financial advisors and Gibson, Dunn & Crutcher LLP is acting as legal counsel to Transatlantic.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,871.93 +81.74 0.49%
S&P 500 1,990.25 +10.33 0.52%
NASDAQ 4,778.5080 +30.1470 0.63%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs