Aug 30 Reinsurer Validus Holdings Ltd
said it will buy Flagstone Reinsurance Holdings for
about $600 million in cash and stock.
Validus will pay $8.43 per Flagstone share, a 19 percent
premium to the stock's Wednesday close. Flagstone shareholders
will receive $2 in cash and 0.1935 Validus shares for each share
they tender in the offering.
The deal comes aftr Validus unsuccessfully tried to buy
Transatlantic Holdings last year. Transatlantic's board, which
had repeatedly rebuffed Validus, accepted a $3.4 billion
stock-and-cash deal from property and casualty insurer Alleghany