Tomahawk, WI 8/8/2011 (PennyPayDay) – Reinsurer Transatlantic Holdings announced Sunday it has received a $3.25 billion buyout offer from National Indemnity Co., a unit of Warren Buffett's Berkshire Hathaway.In a news release, Transatlantic says National Indemnity is offering $52 for each of its outstanding shares, a 15% premium to Transatlantic's Friday closing price of $45.24.
In June, Transatlantic agreed to merge with Allied World Assurance. Under the terms of that deal, Transatlantic shareholders would receive 0.88 Allied World shares for each Transatlantic share. Based on Allied World's Friday closing share price of $50.25, that deal values Transatlantic at $44.22 a share, or $2.76 billion.
Forty-five thousand Verizon Communications Inc. workers from Massachusetts to Washington, D.C., went on strike Sunday after negotiations fizzled over a new labor contract for more than one-fifth of the company's work force.
Verizon shares were tumbling 5% to $33.31 in premarket trading Monday.
Dollar Thrifty Automotive, which has received takeover bids from both Avis and Hertz, said second-quarter earnings rose 0.6%.
Dollar Thrifty, the car rental company, said adjusted earnings in the second quarter were $1.35 a share, below analysts' estimates of $1.37 a share. A year earlier, adjusted earnings were $1.26 a share.
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