Berkshire Hathaway to Buy Alleghany for $11.6B

Mr Buffett is tipping his toes into the stock market, buying an insurer named Alleghany, a company that Buffett has spent 60 years observing.

Founded in 1929 by railroad entrepreneurs Oris and Mantis Van Sweringen, New York-based Alleghany operates mainly in property and casualty reinsurance and insurance through subsidiaries and investments. Alleghany was transformed from a large railroad holding company into an insurance and investment firm by Fred Morgan Kirby II. Jefferson Kirby currently leads the company’s board.

“Berkshire said it would pay $848.02 a share for Alleghany, a premium of about 25% to Friday’s closing price of $676.75 and a multiple of 1.26 times the New York-based company’s book value at the end of 2021. Berkshire, whose operations include an array of companies including insurer Geico, said it expects to complete the acquisition by the year.”

Found this on a microblogging site

What a perfect time for insider trading
The CEO and CFO purchased shares two weeks earlier, right before accepting Buffett’s offer.

Activision’s purchase prior to Microsoft’s participation was highly questionable… suppose it pays to have friends in high places!

It will be very obvious that people at influential positions will exploit their powers and there’s no holding back

Sixty years! It’s plenty of purpose of gaining wisdom. Great response.

I aim to grow wealthy enough that spending $11 billion is considered toe-dipping. Berkshire Hathaway’s scale and cash flow are simply astounding.