U.S. Markets closed
  • S&P 500

    4,223.70
    -22.89 (-0.54%)
     
  • Dow 30

    34,033.67
    -265.66 (-0.77%)
     
  • Nasdaq

    14,039.68
    -33.17 (-0.24%)
     
  • Russell 2000

    2,304.16
    -15.92 (-0.69%)
     
  • Crude Oil

    72.00
    -0.12 (-0.17%)
     
  • Gold

    1,838.60
    -17.80 (-0.96%)
     
  • Silver

    27.48
    -0.21 (-0.77%)
     
  • EUR/USD

    1.2022
    -0.0111 (-0.9137%)
     
  • 10-Yr Bond

    1.5690
    +0.0700 (+4.67%)
     
  • Vix

    18.24
    +1.22 (+7.17%)
     
  • GBP/USD

    1.4009
    -0.0074 (-0.5239%)
     
  • USD/JPY

    110.4730
    +0.4390 (+0.3990%)
     
  • BTC-USD

    38,595.10
    -1,397.16 (-3.49%)
     
  • CMC Crypto 200

    958.28
    -34.19 (-3.44%)
     
  • FTSE 100

    7,184.95
    +12.47 (+0.17%)
     
  • Nikkei 225

    29,291.01
    -150.29 (-0.51%)
     

Chubb 'disappointed' that Hartford decided not to respond to unsolicited buyout proposals

·1 min read
Chubb 'disappointed' that Hartford decided not to respond to unsolicited buyout proposals
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Chubb Ltd. issued a statement Thursday regarding the unsolicited buyout proposal it made to insurer Hartford Financial Services Group Inc. , saying it was "disappointed" that Hartford has not responded to any proposals. Hartford's stock slipped 1.0% in morning trading while Chubb's stock gained 1.1%. On March 18, Hartford shares had soared 19% after Chubb confirmed it submitted a buyout bid of $65 a share, which valued Hartford at about $23.2 billion. Hartford said in a letter dated March 31, Chubb said it was prepared to bid "in excess of $67 a share" if Hartford would engage in "meaningful discussion and due diligence." Hartford said Thursday that it has rejected both proposals, and determined that "entering discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders." In response, Chubb stated: Although we are disappointed, we want to repeat that our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquiror." Hartford's stock has rallied 36.4% year to date and Chubb shares have gained 8.4%, while the SPDR S&P Insurance ETF has climbed 14.5% and the S&P 500 has advanced 10.8%.