Validus Holdings Spokesperson Responds to Unusual Option Activity
A spokesperson for Validus Holdings (NYSE: VR) told Benzinga the unusual option trading Tuesday is most likely due to the company's current tender offer announced on May 2.
Validus announced on May 2 that its Board of Directors had approved a modified Dutch auction tender offer pursuant to which the Company may repurchase up to $200 million in common shares at a price of not less than $30.50 and not more than $33.50.
2,750 contracts in the June 35 call and June 35 put have traded on Tuesday. Option volume is at 932% of average. Shares are trading at $31.60 Tuesday, a gain of 1.71%.
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