Validus offers $1.7B for IPC (Dealscape

Validus Holdings Ltd. on Tuesday unveiled an offer for fellow Bermuda-based insurer IPC Holdings Ltd., valuing the target's equity at $1.68 billion. The bid aims to break up IPC's agreed-to merger with Max Capital Group Ltd.

Calling its offer "clearly superior" to the IPC-Max Capital deal, Validus said its binding offer would exchange 1.2037 of its shares for each of the target's, valuing IPC shares at $29.98. The proposal carries an 18% premium to the target's Monday close.

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NOT A SUBSCRIBER? Validus offers $1.7B for IPC Posted on March 31, 2009 5:18 PM Validus Holdings Ltd. on Tuesday unveiled an offer for fellow Bermuda-based insurer IPC Holdings Ltd., valuing the target's equity at $1.68 billion. The bid aims to break up IPC's agreed-to merger with Max Capital Group Ltd. Calling its offer "clearly superior" to the IPC-Max Capital deal, Validus said its binding offer would exchange 1.2037 of its shares for each of the target's, valuing IPC shares at $29.98. The proposal carries an 18% premium to the target's Monday close. This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools. To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button. Dig deeper, with Pipeline. 874 in-depth reports of M&A deals in the Financial Services sector 479 company pages related to Insurance 148 articles related to IPC Holdings Ltd. 23 articles related to Validus Holdings Ltd. 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Skadden Arps Idearc Inc. Deutsche Bank Amusement parks Deb Shops Windstream Corp. Concho Resources Hanna Andersson Tween Brands Edward Bastian		EXISTING USERS Username Password Forget your password? Missing a product?

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