Chubb Ltd., one of the nation’s biggest, oldest and best-known property-casualty insurers, has made a preliminary proposal to acquire Hartford Financial Services Group Inc., another storied name in the industry.
The Connecticut-based Hartford
said in a release Thursday afternoon that it “has received an unsolicited, non-binding proposal from Chubb” to acquire the 211-year-old company. Hartford said its board of directors “is carefully considering the proposal with the assistance of its financial and legal advisors.”
In a statement after the market closed, Chubb
said the proposal would value Hartford at $65 a share, saying the combination “would be strategically and financially compelling for both sets of shareholders and other constituencies.”
At $65, the offer is 12% above the stock’s opening price Thursday of $57.94. Chubb said it submitted its proposal March 11.
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