Chubb 'Disappointed' At The Hartford's Rejection
Insurance giant Chubb has broken its silence over The Hartford’s rejection of its takeover offer, but the company did not make clear whether it intends to return with a sweetened bid. The Swiss company said in a statement Monday it’s disappointed its $23 billion offer was turned down by The Hartford’s board, but it says it has confidence in its ability to capitalize on favorable market conditions.
The statement goes on to say that Chubb remains “a disciplined acquirer with an uncompromising focus on the fair value of any institution that we could acquire.”
Hartford Mayor Luke Bronin has also given his first public comment on the offer for one of his most iconic corporate citizens. At a news conference Friday, Bronin applauded the stance of The Hartford's board.
“From my perspective, the statement that was issued by The Hartford’s board of directors was very strong and clear, in expressing their view that this transaction is not in the best interest of shareholders,” he said. “And again, I and I think many others would have very significant questions about whether that transaction would be in the public interest.”
Was asked about Chubb’s unsolicited offer to acquire @TheHartford. Clip below. HIG’s Directors were pretty clear about the shareholders’ interest. Which is good, b/c I (and I’m sure many others) have serious doubts about whether such a transaction would be in the public interest. pic.twitter.com/6fLTVqOiAr— Luke Bronin (@MayorBronin) March 26, 2021
Meanwhile, according to a report from Bloomberg, Germany-based Allianz SE, Europe’s largest insurer, may also be readying a bid for the Connecticut company.