By Greg Hazley
A $3.2 billion takeover bid for Transatlantic Holdings has engaged several financial communications firms as a PR and legal battle mounts amid a rival, hostile bid.
Validus Holdings, a Bermuda-based insurer, is mounting a hostile bid for Transatlantic Holdings, a rival bid to a deal by Allied World Assurance, which is favored by Transatlantic’s board. Berkshire Hathaway has also pursued acquiring New York-based Transatlantic in recent months.
Brunswick Group’s New York office is advising Validus and handling media interest in its hostile push, which included an Aug. 22 proxy filing urging Transatlantic shareholders to oppose the $3.2B Allied World deal.
Joele Frank and Brainerd Communications are working with Transatlantic, which earlier this month brushed aside Berkshire Hathaway’s $52-per-share offer as inferior to the deal with Allied World, although a deal is still possible.
Transatlantic has also sued Validus for making “false and misleading statements” in its bid documents.
Abernathy MacGregor Group is counseling Allied World, which slates a Sept. 20 special meeting of shareholders to vote on its deal to acquire Transatlantic.
|