US shareholders of Swiss-based Converium Holdings AG have sued French reinsurer Scor SA asking that Scor's $2.5 billion hostile offer for Converium be extended to the United States. The class action was filed in US District Court for the Southern District of New York and claims shareholders were unlawfully excluded from taking part in Scor's tender offer, scheduled to open on May 8, 2007.
Scor already owns 32.9 percent of Converium and is offering one-half of a share plus four Swiss francs for each remaining Converium share, valuing the company at about 3.1 billion Swiss francs ($2.57 billion).
