Chubb offers to acquire Hartford for $23.24 billion

On March 11, property and casualty insurer Chubb offered to acquire The Hartford for $23.24 billion. The offer values The Hartford at $65.00 per share and represents a premium of 26% based on its unaffected 20-day volume weighted average share price of $51.70 as of March 10, 2021. The consideration represents a mix of stock with the majority in cash.

“We have not yet received a response to our proposal but are looking forward to constructive, private discussions in order to expeditiously consummate a fair transaction that benefits all of our respective stakeholders. No agreement has been reached, and there can be no assurance any transaction will result from these discussions, and even if a transaction is agreed upon, there can be no assurances as to its terms, structure or timing.” – Chubb.