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"At the same time, those looking to sell are holding back on the expectation of securing a higher price in the near future".
It said it would vote its 26% stake in the company in favour of the bid despite previously insisting it was working on securing a higher price.
"People have an understanding of how markets work, and are used to securing a higher return on their savings," said one adviser to Mr. Bush.
While Transatlantic deemed that bid insufficient, it has said that it would begin talks with the unit, National Indemnity, in hopes of securing a higher bid.
Transatlantic has also been talking with a unit of Berkshire Hathaway, which bid $52 a share, in hopes of securing a higher bid.
As well as the desire to win the competition, progress would help City's chances of securing a higher seeding next season.
Similar(49)
After securing a high-level meeting at the Vatican, he was told that, space permitting, he could join.
Vontobel analyst Jean-Philippe Bertschy said: "The price tag is high, however Nestlé is securing a high growth/margin business with high exposure in emerging markets.
The researchers, from the University of Western Sydney and Singapore Management University, said the goal of this behaviour was securing a high-quality mate who was willing to commit.
Surrey Cricket's managing director, Gus Mackay, added: "Securing a high-profile signing as our second overseas player for the Friends Provident t20 was a big priority for us.
But as with Mossop, whose move was confirmed in April, Wigan's chairman, Ian Lenagan, has attempted to sweeten the pill by securing a high-profile addition to the 2014 squad.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com