Renaissancere Holdings Ltd
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Financials : Insurance | Mid Cap Blend
Based in Bermuda
Company profile

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company's products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category. The Property segment consisted of catastrophe and other property reinsurance and insurance written on behalf of its operating subsidiaries and certain joint ventures managed by its ventures unit. The Casualty and Specialty segment consisted of casualty and specialty reinsurance and insurance written on behalf of its operating subsidiaries and certain joint ventures managed by its ventures unit. Its Other category includes its strategic investments, investments unit, corporate expenses, capital servicing. The Casualty and Specialty segment offers certain casualty insurance products through RenaissanceRe Syndicate 1458 (Syndicate 1458).

Closing Price
$149.32
Day's Change
-2.11 (-1.39%)
Bid
--
Ask
--
B/A Size
--
Day's High
154.02
Day's Low
148.70
Volume
(Heavy Day)
Volume:
439,224

10-day average volume:
365,802
439,224

Apple supplier Dialog Semiconductor snapped up by Japanese tech giant for $6 billion

5:45 am ET February 8, 2021 (MarketWatch)
Print

By Lina Saigol

Deal comes amid a surge in M&A among global chip makers that have been boosted by the COVID-1 9 pandemic

Shares in Dialog Semiconductor soared 21% on Monday, after Japan's Renesas Electronics snapped up the U.K.-listed Apple supplier for EUR4.9 billion ($5.9 billion).

The all-cash offer of EUR67.50 a share represents a 20% premium to Dialog's closing share price on Friday, and a 52% premium to a weighted three-month average, the company said in a statement (https://www.dialog-semiconductor.com/sites/default/files/statement-regarding-speculation-proposal-renesas-07.02.2021.pdf).

Dialog , whose clients include Apple (AAPL), Samsung Electronics , Panasonic and Xiaomi , said that the deal was a "compelling opportunity" for its shareholders and that its board would unanimously recommend the offer.

Shares in Dialog rose as much as 21% in early European trading on Monday, before falling back to trade 16.57% higher.

"We believe Renesas's strong footprint in microcontrollers and system-on chips would be complementary to best leverage Dialog's products," said analysts at UBS in a note to clients on Monday.

Renesas , one of the world's largest suppliers of automotive chips, saw its stock fall 3.61% in Tokyo on Monday, as investors digested the deal, which is the latest in the company's four-year-long acquisition spree. That included the Japanese company's takeover of U.S. firm Integrated Device Technology (https://www.wsj.com/articles/renesas-to-buy-chip-maker-integrated-device-technology-for-6-7-billion-1536632658) for $7.2 billion in 2018.

The acquisition of Dialog marks the second time a U.K. chip maker has become the target of Asian investors in recent months, after Nvidia (NVDA) in September 2020 bought SoftBank Group's chip division Arm for $40 billion.

The deal comes amid a surge of consolidation in the semiconductor industry in recent months. In October, AMD (AMD) bought rival Xilinx (XLNX) in an all-stock deal valued at $35 billion (https://www.marketwatch.com/story/amd-to-acquire-xilinx-in-all-stock-deal-valued-at-35-billion-2020-10-27), while in January Intel sold its NAND memory unit to SK Hynix for $9 billion (https://www.marketwatch.com/story/intel-reaches-9-billion-deal-to-sell-nand-unit-to-sk-hynix-11603161913).

The takeover of Dialog could attract the attention of U.K. regulators, which last year announced the biggest shake-up of the country's takeover rules in two decades in a bid to protect strategic assets from hostile bidders.

Read:Bids to buy U.K. firms to get harder as ministers shut out 'back door' takeovers from countries like China, Russia and U.S. (https://www.marketwatch.com/story/bids-to-buy-u-k-companies-to-get-tougher-as-government-shuts-out-back-door-takeovers-11605093990)

The U.K.'s competition regulator said in January that it would start an investigation into Nvidia's takeover of Arm, including looking at whether, following the takeover, Arm will have an "incentive to withdraw, raise prices or reduce the quality of its IP [intellectual property] licensing services to Nvidia's rivals."

Read:Nvidia's $40 billion takeover of Arm to be investigated by U.K. competition regulator (https://www.marketwatch.com/story/nvidias-40-billion-takeover-of-arm-to-be-investigated-by-u-k-competition-regulator-11609950994)

"While the deal is unlikely to face scrutiny from U.K. regulators the fact that the CMA [Competition and Markets Authority] is looking at the recent deal between Nvidia to acquire Arm Holdings from SoftBank, there is a risk that we might see them cast an eye over this one," said Michael Hewson, chief market analyst at CMC Markets U.K., in a note to clients on Monday.

UBS analysts said that, given the small size of Dialog and market fragmentation in auto/industrial, they believed antitrust risk is likely to be "relatively low."

-Lina Saigol; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

February 08, 2021 05:45 ET (10:45 GMT)

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