ALLEGHANY SHAREHOLDERS APPROVE ACQUISITION BY BERKSHIRE

Shareholders of Alleghany have approved the proposed $11.6bn all-cash takeover of the US re/insurance and investment holding company by Berkshire Hathaway. At a special meeting of Alleghany shareholders on June 9, holders of around 84% of the group’s outstanding shares and more than 98% of those present voted in favour of the proposed $848.02-a-share deal. When the acquisition was announced in March, Berkshire indicated its offer represented a 1.26 multiple of Alleghany’s book value at the end of 2021. The deal is now expected to close during the fourth quarter of 2022, subject to customary closing conditions and regulatory clearances.