Hartford Financial Services Corp. on Thursday rejected a $ 25 billion takeover bid from major rival Chubb Ltd. month and which was also rejected by Hartford. Analysts had previously said that Hartford was worth $ 80 per share or more.
In a letter dated April 14 that Hartford released, Chubb's Chairman and CEO Evan Greenberg said the higher offer was a "significant increase" and that the cash and stock deal offered to Hartford shareholders' value over the $ 70 offer through "participation in synergies and Chubb value creation. " confirms its previous decision to enter into discussions on whether a strategic transaction would not be in the interests of the company and its shareholders. The Board also unanimously reaffirmed its conviction and confidence in Harford's strategic business plan.