Validus (VR) Offers $55.95/Share in Cash, Stock for Transatlantic (TRH)

Validus Holdings, Ltd. (NYSE: VR) has delivered to the Board of Directors of Transatlantic Holdings, Inc. (NYSE: TRH) a proposal to merge the businesses of Validus and Transatlantic. Pursuant to the proposal, Transatlantic stockholders would receive 1.5564 Validus voting common shares in the merger and $8.00 in cash per share pursuant to a one-time special dividend from Transatlantic immediately prior to closing of the merger for each share of Transatlantic common stock they own.

Based on today’s closing prices, Validus’ proposal would provide total consideration of $55.95 per Transatlantic share.

Validus is fully committed to completing a transaction with Transatlantic and believes its proposal clearly constitutes a “Superior Proposal” under the terms of Transatlantic’s merger agreement with Allied World. Validus would expect the Board of Directors of Transatlantic to engage promptly in discussions with Validus regarding its proposal, as is permitted by the merger agreement.

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