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.
Viewpoint: AI Insurance Is Not Cyber Insurance With Extra Steps 
Progressive Is Biggest Auto Insurer, Surpassing State Farm, Says S&P GMI 
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
NY Archdiocese Can Depose Chubb CEO Greenberg in Clergy Abuse Claims Case 
