Chubb up, Hartford down as latter rebuffs former's buyout offers

WhiteHorse Finance

22/04/2021 15:24

** Shares of property and casualty insurers Chubb Ltd  CB.N 
up nearly 1% at $166.67, while Hartford Financial Services Group
 HIG.N  down more than 1% at $66.79 
    ** CB issues a statement saying it was "disappointed" that
smaller rival Hartford had rebuffed two additional buyout bids
 urn:newsml:reuters.com:*:nL4N2MF3F4
    ** HIG rejected two sweetened offers from CB to buy it for
$67 per share, and then for $70 per share, earlier on Thursday
    ** CB had originally offered to buy HIG for $65 per share
    ** Analysts say HIG's rejection does not come as a surprise
as they believe the company is worth $80 per share or more
    ** A deal between CB and HIG would be the largest in the
sector since Aon Plc's  AON.N  $30 billion bid to buy Willis
Towers Watson  WLTW.O  last year
    ** CB and HIG up ~8.3% and ~36.4% YTD, respectively

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))