HARTFORD, Conn — The Hartford has rejected an unsolicited $23 billion bid of acquisition from a global insurance company, Chubb Limited.
The Hartford, an insurance company anchored in Hartford and in business for 200 years, says the board of directors unanimously rejected Chubb Limited's offer to acquire the company.
The insurance company said the decision came after meeting with the company's financial and legal advisors.
According to The Hartford, the board of directors determined that entering into discussions regarding a strategic transaction would "not be in the best interests of the company and its shareholders".
"The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan," the company added.
On March 11, Chubb CEO Evan Greenberg proposed the acquisition of The Hartford for about $23.2 billion in cash and stock. It would have been one of the industry's biggest deals in years.
Goldman Sachs & Co. LLC and Deutsche Bank act as The Hartford’s financial advisors. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to The Hartford.
Chubb Limited is a global insurance and reinsurance company.
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