The Hartford continues to reject Chubb takeover bids

After three unsuccessful attempt by Chubb to acquire The Hartford, Chubb is staying “disciplined”.

The last bid valued Hartford Financial Services Group at $25 billion. A valuation below The Hartford estimates.

The Hartford has declined the 3rd acquisition bid by Chubb, valuing the 211 year old insurer at over $25 billion

The Hartford has reported that the 3 offers were pinned at $65 a share, $67 a share and the latest at $70 a share. The Hartford, and other analysts, believe it is worth at least $80 a share. Having no pressure to be acquired, it is believed that the Connecticut based insurer will continue to decline any offer below that amount. The high threshold might be a barrier to Chubb as it targets a more advantageous number. In a brief statement, Chubb is quoted as saying “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.”

The acquisition would have allowed Chubb to further compete in the lucrative small business insurance business and would have been one of the largest in the industry.

Read more at https://www.reuters.com/article/us-hartford-m-a-chubb-idUSKBN2C91WO