Chubb Ltd., among the countrys greatest, earliest and best-known property-casualty insurers, has made a preliminary proposition to obtain Hartford Financial Services Group Inc., another storied name in the industry.
The Connecticut-based Hartford said in a release Thursday afternoon that it “has gotten an unsolicited, non-binding proposition from Chubb” to obtain the 211-year-old company. Hartford stated its board of directors “is thoroughly thinking about the proposition with the assistance of its legal and monetary consultants.”
In a statement after the marketplace closed, Chubb stated the proposition would value Hartford at $65 a share, saying the mix “would be strategically and financially engaging for both sets of investors and other constituencies.”
At $65, the offer is 12% above the stocks opening cost Thursday of $57.94. Chubb said it sent its proposition March 11.
“We have actually not yet received a reaction to our proposition however are looking forward to useful, personal discussions in order to expeditiously skilled a fair transaction that benefits all of our respective stakeholders,” Chubb stated in the declaration.