UPDATE: Deutsche Bank Downgrades Alterra Capital to Hold on Acquisition

Deutsche Bank reduced its rating on Alterra Capital ALTE from Buy to Hold but raised its price target from $27 to $29 Deutsche Bank commented, "Alterra announced that each of its shares would be acquired by Markel in exchange for 0.04315 shares of Markel and $10 in cash. We do not expect a bidding war to ensue with another suitor aiming to buy Alterra at a higher price. Our Hold rating is based on the assumption that the stock will largely trade in parity with Markel until being acquired." Alterra Capital closed at $28.18 on Wednesday.