The Hartford Board Of Directors Unanimously Rejects Unsolicited Proposal From Chubb
The Hartford (NYSE: HIG) has announced that its board of directors has unanimously rejected an unsolicited acquisition proposal from Chubb Limited dated March 11, 2021. After consulting with financial and legal advisors, the board concluded that pursuing this strategic transaction would not benefit the company or its shareholders. The Hartford remains committed to executing its strategic business plan and enhancing shareholder value.
- The Hartford's board demonstrates strong governance by rejecting an unsolicited acquisition proposal, signaling confidence in its strategic direction.
- The rejection of Chubb's proposal may indicate potential vulnerabilities in The Hartford's market position that necessitated an acquisition offer.
The Hartford (NYSE: HIG) today announced that its board of directors, after consultation with its financial and legal advisors, has unanimously rejected Chubb Limited’s March 11, 2021, unsolicited proposal to acquire The Hartford and determined that entering into discussions regarding a strategic transaction would not be in the best interests of the company and its shareholders. The board reaffirmed its commitment and resolve in the continued execution of The Hartford’s strategic business plan.
Advisors
Goldman Sachs & Co. LLC and Deutsche Bank are acting as The Hartford’s financial advisors. Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel to The Hartford.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at @TheHartford_PR.
The Hartford Financial Services Group, Inc. (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2020 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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FAQ
What was the reason for The Hartford's rejection of Chubb Limited's acquisition proposal?
How does the rejection of the acquisition proposal impact The Hartford's stock value?
Who advised The Hartford during the acquisition proposal review?
What is The Hartford's commitment following the acquisition proposal rejection?
