The Hartford Financial Services Group said Thursday it has rejected two more unsolicited offers from rival Chubb Limited to acquire the Hartford-based company, a month after it confirmed that it had turned down an initial takeover proposal from the same company.
In a letter dated March 30, Chubb said it was prepared to offer “in excess of $67 per share” if The Hartford would engage in “meaningful discussion and due diligence,” The Hartford said in a release.
The Hartford received another letter, dated April 14, in which Chubb said it was willing to increase its offer to “$70 per Hartford share, the top end of our range,” payable approximately 60% in cash and 40% in Chubb stock.
The Hartford’s board of directors unanimously rejected both proposals, after consulting with its financial and legal advisors, determining that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders.
The board also unanimously reaffirmed its conviction and confidence in The Hartford’s strategic business plan.
Chubb offered March 11 to buy The Hartford at $65 a share, a 13% premium for shareholders. The offer valued The Hartford at about $23 billion.
Chubb has a market value of nearly $72 billion, more than three times greater than The Hartford.
Shares of The Hartford fell 1% in early morning trading while Chubb shares rose 1%.
