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Sard Verbinnen & Co. represents Alleghany Corp. as the insurer agrees to be acquired by Warren Buffett’s Berkshire Hathaway via an $11.6B cash deal.
The $848.02 per-share offer is a 16 percent premium to Alleghany’s 52-week high closing stock price.
Alleghany CEO Joe Brandon, a longtime friend of Buffett, called the deal a “terrific transaction for Alleghany’s owners, businesses, customers and employees.”
As part of BH, “each of Alleghany’s businesses will be exceptionally well positioned to serve its clients and achieve its full potential,” he added.
The deal, which is expected to close during the fourth quarter, does feature a 25-day “go-shop” period, in which Alleghany can seek a buyer with a better offer.
SV&C’s Paul Scarpetta, Drew Brown and Warren Rizzi represent Alleghany, which is based in New York.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
