By Robb M. Stewart
Hartford Financial Services Group Inc. weakened Wednesday after spurned suitor Chubb Ltd.'s chief executive said the insurer's recent unsolicited offers to buy Hartford are now history.
In afternoon trading, Hartford's stock was 4.1% lower at $66.68, narrowing the gain in 2021 to $36. Chubb was down 2% at $163.32, for a gain this year of 6.1%.
"The chapter with the Hartford is closed," Chubb's Evan Greenberg said during the company's first-quarter earnings call. "We have moved along."
On March 11, Chubb offered to buy Hartford in a roughly $23 billion transaction, but before the end of the month Hartford rejected the proposal. Last week, Hartford filed with the Securities and Exchange Commission copies two further proposals from Chubb that took the deal price up to $70 a share in a cash-and-stock deal from $65 a share in cash and stock as initially proposed.
Write to Robb M. Stewart at email@example.com
(END) Dow Jones Newswires
April 28, 2021 13:28 ET (17:28 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.