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Buffett's Berkshire Hathaway bids $3.25B for Transatlantic Holding
NEW YORK (AP) ' A unit of Warren Buffett's Berkshire Hathaway Inc. has bid $3.25 billion for insurer Transatlantic Holdings.
Berkshire's National Indemnity Co. offered $52 per share for Transatlantic. That tops the price Transatlantic is getting in its agreement to be bought by Allied World Assurance Co.
National Indemnity says in a letter released by Transatlantic on Sunday that the offer isn't subject to due diligence or financing conditions.
Transatlantic's board says it is weighing the offer and asked shareholders to wait until it has a chance to judge it before taking action.
Transatlantic Holdings Inc. last month rejected another competing bid from fellow insurer Validus Holdings Ltd.