The Hartford rejects $23.2bn takeover offer from Chubb

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The Hartford Financial Services Group has rejected the $23.24 billion takeover offer from Swiss property and casualty insurer Chubb citing that it will not be in the best interests of the company and its shareholders.

As a result, the US-based property and casualty insurance company will not enter into talks with Chubb regarding the latter’s offer, which was revealed last week.

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The Hartford said that its board of directors had unanimously rejected the $65 per share offer after consulting its financial advisors – Goldman Sachs and Deutsche Bank and legal advisor Cleary Gottlieb Steen & Hamilton.

The US firm stated: “The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan.”

The Hartford rejects $23.2bn takeover offer from Chubb

The Hartford rejects $23.2bn takeover offer from Chubb. Photo courtesy of aymane jdidi from Pixabay.

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