Finance History|11 Wall Street — ACE Stopped and CB Opened
· 2016-1
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Finance History|11 Wall Street — ACE Stopped and CB Opened
kevin
People treat Chubb Limited as a Zurich insurer that always printed CB.
The 2016 New York tape was ACE, the ACE Limited line. The older Chubb Corporation, a New Jersey company, already printed CB.
ACE's 14 January 2016 release said it had completed the acquisition of The Chubb Corporation that day for about 29.5 billion dollars in cash and stock, and would begin trading the next session under CB.
ACE's Form 8-K recorded the effective time as 5:30 p.m. Eastern on 14 January 2016.
Each Chubb Corp share became 0.6019 ACE shares plus 62.93 dollars in cash.
The same 8-K, using ACE's 14 January close of 111.02 dollars, put the stock portion at about 15.2 billion dollars and the cash portion at about 14.3 billion dollars, both in 2016 currency.
On 15 January 2016 the surviving Swiss parent opened as CB. The New Jersey Chubb Corporation line was delisted.
The mechanism is an acquirer taking the target's name and ticker.
ACE holders woke up as CB holders. They did not subscribe. Old CB holders were cashed and papered out.
The pin is the Broad Street facade of the Exchange, where ACE last printed and where the new CB opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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