The Hartford Considers Unsolicited Takeover Bid
Storied Connecticut insurance company The Hartford says it is considering a takeover bid from fellow insurer Chubb. The Swiss company has offered $65 a share for the Hartford, valuing the company at approximately $23 billion. The Hartford confirmed the offer Thursday in a brief press release, saying the board will deliberate about the unsolicited offer, and adding "the Board of Directors is committed to acting in the best interests of shareholders over the long term."
Any tie up would create an enormous insurance entity worth some $100 billion.
Chubb has its U.S. headquarters in New Jersey.
It’s not clear at this stage what any potential deal might mean for The Hartford’s footprint in its home city. It was founded in Hartford in 1810 and has been of late a notable champion of the city’s efforts to improve its finances.
The Hartford has about 6,000 employees in Connecticut.