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Berkshire Enters Confidential Talks With Transatlantic

DOW JONES NEWSWIRES Transatlantic Holdings Inc. (TRH) on Friday said Berkshire Hathaway Inc. (BRKA, BRKB) unit National Indemnity Co. has signed off on a confidentiality agreement that will likely heat up competition for the reinsurer. The move is significant given Berkshire's reputation for disdain of bidding wars over companies. Transatlantic called the terms of its arrangement with National Indemnity "substantially similar" to its confidentiality agreement with another bidder, Allied World Assurance Co. (AWH), including a customary standstill provision. The reinsurer had already agreed in June to a stock-for-stock deal currently worth about $3 billion with Allied World. As part of that merger agreement, Transatlantic had to wait three business days from its response to the offer before it could begin talks with National Indemnity. Transatlantic on Monday said National Indemnity's offer of $52 a share was likely to lead to a "superior proposal" to its existing merger agreement with a competitor, but wasn't itself a superior proposal. Transatlantic shares were recently off a penny at $50.12 after hours. Berkshire's B shares were up 0.4% at $71.55. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Transatlantic (TRH)
DateTimeHeadline
12/19/201111:18:43Applications Given Early Antitrust Clearance
09/27/201123:02:19New Transatlantic Suitors Include Former Treasury Official: Sources...
08/19/201118:57:09TransAtlantic Sets Holder Meeting To Vote On Allied World Deal
08/16/201110:49:19Despite Buffett Claim, Berkshire Is In Takeover Talks -Source
08/12/201118:57:12WSJ: Berkshire Enters Talks To Buy Transatlantic
08/12/201118:23:25Berkshire Enters Confidential Talks With Transatlantic
08/11/201113:52:13Transatlantic Executives Feared For Jobs At Validus Approach:...
08/01/201109:49:10Validus CEO: Transatlantic Board 'Case Study In Poor Governance'
07/13/201115:43:13For Reinsurers, Size Matters In Fight To Acquire Transatlantic
06/13/201113:46:20Merger Monday Returns With Busiest Deal Day In A Month
05/25/201116:58:36Insurers' 1Q Underwriting Results Worst In A Decade, SNL Says
03/11/201117:12:14Japan Disaster Shows Coverage Gaps, But Quake Still Costly For...
06/03/201008:02:23AT A GLANCE: BP Gulf of Mexico Oil Spill Hits Insurers
03/15/201019:25:09AIG Gets $452 Million Via Sale Of Transatlantic Shares
03/05/201010:01:32AIG Plans To Sell Remaining 14% Stake In Transatlantic
03/03/201018:17:12Natural-Gas Distributor Oneok To Join S&P 500
01/08/201010:23:02Reinsurance Price Declines Won't Offset Other Insurance Woes

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