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M&As: Validus' Sweetened Bid for IPC Holdings Rejected by Board

Posted on 10 Jun 2009

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Bermuda-based IPC Holdings Ltd. on Tuesday rejected a sweetened bid from rival Validus Holdings Ltd., saying that the offer still is not in the company and its shareholders' best interest, and to vote instead for a merger with Max Capital Group Ltd.

On Monday, Validus had raised its offer for a second time, saying it would throw in another 75 cents per share in cash, which would gives IPC shareholders $3.75 in cash and 1.1234 Validus shares.

About Validus

Validus Holdings, Ltd., through its principal operating subsidiary Validus Reinsurance, Ltd. ("Validus Re"), is a global provider of short-tail lines of reinsurance including property catastrophe, property pro-rata and property per risk, marine and energy, and other specialty lines.

About IPC

IPC Holdings, Ltd. is a leading international catastrophe reinsurer based in Bermuda, with a subsidiary in Dublin (Ireland). Through its operating company, IPCRe Limited, the firm specializes in writing property catastrophe reinsurance on a worldwide basis, helping clients to manage their exposures to natural catastrophic events such as windstorms, earthquakes and floods.

About Max Capital

Operating from offices in Bermuda, Ireland, the USA and at Lloyd's, Max Capital is a global enterprise dedicated to providing diversified specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.