By Dhirendra Tripathi
Investing.com – Hartford Financial (NYSE:HIG) shares fell nearly 2% after the company said its board had rejected an unsolicited offer from rival Chubb (NYSE:CB).
Hartford’s board decided merger talks with a rival insurer weren't in the best interests of the company and its shareholders.
At $65, the offer was 12% above Hartford’s opening price of $57.94 on Thursday, when Chubb’s approach was made public. Hartford shares, now at $66 apiece, are still trading above Chubb’s offer price.
Chubb said last week that the combination “would be strategically and financially compelling for both sets of shareholders and other constituencies," though Hartford's board rejected that view.