The Hartford rejects Chubb’s acquisition offer

The Hartford has rejected a proposed acquisition by Chubb.

The Hartford’s board consulted with Goldman Sachs and Deutche Bank as financial advisors, and Cleary Gottlieb Steen & Hamilton as legal counsel, before unanimously rejecting the offer. A tie-up would not be in the best interests of the company or its shareholders, it said.

Chubb’s offer had valued The Hartford at $65.00 per share, representing a premium of 26 percent based on its unaffected 20-day volume weighted average share price of $51.70 as of March 10, 2021.