Buffett unit bids $3.2 billion for Transatlantic

Reuters

NEW YORK (Reuters) - A unit of Warren Buffett's Berkshire Hathaway Inc jumped into the bidding war over Transatlantic Holdings Inc, offering to buy the reinsurer for $3.24 billion.

Transatlantic's board said on Sunday it would "carefully consider and evaluate" the $52-per-share offer by Berkshire unit National Indemnity Co.

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Buffett's bid tops two rival offers put before Transatlantic.

Transatlantic has an agreement to be bought by Allied World Assurance Company Holdings Ltd in a deal currently worth $44.22 per share, or $2.75 billion.

Validus Holdings Ltd, meanwhile, has launched a hostile bid for Transatlantic, with a proposal currently worth $46.36 per share, or $2.89 billion.

(Reporting by Dhanya Skariachan and Paritosh Bansal; Editing by Maureen Bavdek)