Chubb Submits Proposal To The Hartford
Chubb confirmed that they “presented The Hartford with a proposal for a combination of our two companies” which would value The Hartford at $65.00 per share.
A spokesperson said, “On March 11, Chubb Limited presented The Hartford with a proposal for a combination of our two companies that we believe would be strategically and financially compelling for both sets of shareholders and other constituencies.
“This proposal would value The Hartford at $65.00 per share and represents a premium of 26% based on its unaffected 20-day volume weighted average share price of $51.70 as of March 10, 2021. The consideration represents a mix of stock with the majority in cash.
“We have not yet received a response to our proposal but are looking forward to constructive, private discussions in order to expeditiously consummate a fair transaction that benefits all of our respective stakeholders.
“No agreement has been reached, and there can be no assurance any transaction will result from these discussions, and even if a transaction is agreed upon, there can be no assurances as to its terms, structure or timing.”
