American International Group, Inc. (AIG) announced that an underwritten public offering of 26 million shares of Transatlantic Holdings, Inc. (NYSE: TRH) common stock owned by AIG and its subsidiary, American Home Assurance Co. (AHAC), was priced at a public offering price of $38.00 per share.
The underwriters will have a 30-day option to purchase up to an additional 3.9 million shares of TRH common stock from AHAC. TRH will not sell any shares in the offering.
J.P. Morgan Securities Inc., Goldman, Sachs & Co., and Morgan Stanley & Co. Inc. are joint book-running managers with Lazard Capital Markets LLC as co-lead underwriter. Dowling & Partners and Fox-Pitt Kelton Cochran Caronia Waller are acting as co-managers of the offering.
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