Chubb Hartford merger : Swiss insurer offers to acquire The Hartford for $23.2bn
Chubb Hartford merger : Swiss property and casualty insurance company Chubb has offered to acquire The Hartford Financial Services Group for $65 per share or $23.24 billion in a cash-cum-stock deal.
The Hartford Financial Services Group is a US-based property and casualty insurance company.
According to Chubb, the merger of the companies will be strategically and financially attractive for their respective shareholders and other constituencies.
The offer price for The Hartford is a premium of 26% based on its unaffected 20-day volume weighted average share price of $51.70 as of 10 March 2021, said Chubb.
Commenting on the potential Chubb Hartford merger, Chubb stated: “We have not yet received a response to our proposal but are looking forward to constructive, private discussions in order to expeditiously consummate a fair transaction that benefits all of our respective stakeholders.
“No agreement has been reached, and there can be no assurance any transaction will result from these discussions, and even if a transaction is agreed upon, there can be no assurances as to its terms, structure or timing.”
Responding to the Chubb Hartford merger proposal, The Hartford said that its board is carefully considering the “unsolicited, non-binding proposal” with the help of its financial and legal advisors.
The US property and casualty insurance company stated: “The Board of Directors is committed to acting in the best interests of shareholders over the long term.”