Hallmark Financial Services Inc. (Nasdaq:HALL) shares dropped 7% on Wednesday after Specialty Underwriters’ Alliance Inc. (Nasdaq:SUAI) said it will not reconsider Hallmark’s offer to obtain outstanding stock of Specialty Underwriters for shares of common stock of Hallmark. On Tuesday, Hallmark reaffirmed its offer to buy all outstanding shares for $6.50 per share in stock. Hallmark made its initial offer in June. Specialty Underwriters’ Alliance said Hallmark’s second proposal was just a “restatement of the original.”

Fort Worth, Texas-based Hallmark Financial and Chicago-based Specialty Underwriters’ Alliance are both property and casualty insurance groups.

For detailed price information and recent news stories on Hallmark Financial Services Inc., click HALL. For information on Specialty Underwriters’ Alliance Inc., click SUAI.