Berkshire Hathaway to buy Alleghany Corp. for $11.6 billion

Berkshire Hathaway BRK.A, -1.05% BRK.B, -0.74% struck an $11.6 billion, all-cash deal to buy property-and-casualty reinsurance company Alleghany Corp. Y, -0.08%, the companies announced Monday. The $848.02 per share price is 1.26 times book value as of Dec. 31 and a 29% premium to its average price over the last 30 days, the companies said. Alleghany shares ended Friday at $676.75. “Throughout 85 years the Kirby family has created a business that has many similarities to Berkshire Hathaway. I am particularly delighted that I will once again work together with my long-time friend, Joe Brandon,” said Warren Buffett, the Berkshire Hathaway chairman and CEO, in a statement. Brandon is the CEO of Alleghany, and Jefferson Kirby, the chair who holds 2.5%, said he would vote his shares in support of the deal.

Source: Marketwatch

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