Validus to use merger and acquisition consultants?
The reinsurance firm Validus has launched a takeover of Transatlantic.
Merger and acquisition consultants may be required by Validus as it launches a takeover bid of Transatlantic.
Ed Noonan, Validus' chairman and chief executive officer, who may be involved in the international business negotiations, noted that shareholders from both companies will benefit if the deal comes off.
"We will create a broadly diversified global reinsurance leader. [It] will produce a rare example of a complementary business fit with minimal overlap," he added.
Validus has a strong presence in both London and Bermuda, while Transatlantic's profile is high in the US, Asia and continental Europe.
Mr Noonan went on to his organisation's better business plan can be used to strengthen the position of Transatlantic.
The latter company has confirmed it has received a proposal - with Gibson, Dunn & Crutcher acting as legal counsel - which will be evaluated by its board of directors before a decision is taken on whether or not to accept it.
Posted by Ken Hayes