Chubb Says Hartford Didn't Engage In Response To Any Of Its Proposals

(RTTNews) - Responding to the recent statement from Hartford, Chubb Ltd. (CB) said Thursday that it is disappointed that The Hartford has chosen not to engage in discussions regarding a strategic business combination.

Chubb said, "we want to repeat that our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquiror."

Earlier today, Hartford said it had received two additional unsolicited proposals from Chubb Limited to acquire the company. In a letter dated March 30, 2021, 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 received another letter, dated April 14, 2021, in which Chubb said it was willing to increase its offer to "$70 per Hartford share, the top end of our range," payable about 60% in cash and 40% in Chubb stock.

The Hartford's board rejected both proposals, 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.