Hiscox Plc, the Lloyd’s and specialty insurer, announced Tuesday that it had rejected Chubb Corp.’s offer of 210 pence ($3.08) a share as it “substantially undervalued” the company, and had broken off further talks.
Chubb, Hiscox largest shareholder with a 27.7 percent stake, had sought to acquire the rest of the company for an estimated total of £310 million ($455 million), but many analysts have expressed the opinion that the offer was too low. Chubb in fact paid $3.30 a share when it bought its current interest in 1998.
Neither company indicated whether there would be any further discussions.
Topics Chubb
Was this article valuable?
Here are more articles you may enjoy.
AI Savings Misses ‘Should Be Making Executives Uncomfortable,’ Bain Says 
Miami Moves to Seize Part of Posh Island After Fuel Fight 
Claimants of 23andMe Data Breach to Get $46.75M in Settlement Deal 
CSU Adjusts Atlantic Hurricane Season Forecast Due to Emerging El Nino 
