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UPDATE 1-Barclays says Allied World dubious on Transatlantic
September 13, 2011 / 8:55 PM / in 6 years

UPDATE 1-Barclays says Allied World dubious on Transatlantic

* Allied World spoke at Barclays financial services event

* Proxy firm recommended Transatlantic holders oppose deal

Sept 13 (Reuters) - Reinsurance company Allied World AWH.N now doubts its bid for peer Transatlantic Holdings IncTRH.N will succeed after a proxy advisory firm said Transatlantic investors should reject the deal, Barclays Capital cited an Allied executive as saying.

Barclays, in a research note on Tuesday summarizing presentations made on Monday at its financial services conference, reported that Allied World said “its merger with (Transatlantic) appears unlikely to be successful” after proxy advisors ISS made their recommendation.

According to an agenda from the Barclays conference, Allied’s chief corporate strategy officer, Jack Sennott, spoke at the event on Monday afternoon. There was no mention of a Barclays presentation on Allied’s website and no transcript was apparently available either.

A spokeswoman for Allied World Assurance Company Holdings Inc was not immediately available to comment on the Barclays report.

Allied and Transatlantic shareholders are due to vote in a week on the deal. Besides the ISS recommendation, Transatlantic’s largest shareholder also said it will vote no on the all-stock offer.

That bid is currently the smallest of the three on the table for Transatlantic. Validus Holdings Ltd (VR.N) has taken its cash-and-stock bid directly to shareholders, while a unit of Berkshire Hathaway Inc (BRKa.N) has also made an unsolicited all-cash offer. (Reporting by Ben Berkowitz; editing by Andre Grenon)

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