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.
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