Proxy battles make for hearty arb fare (Dealscape

The proxy season is delivering several active situations to the risk arbitrage market that continue to heat up and could see resolutions this week.

Validus Holdings Ltd. attempted Monday to push forward its spoiler bid for IPC Holdings Ltd. by adding a cash component and reducing the share exchange ratio. Validus altered its offer for the Bermuda casualty insurer to $3 per share plus 1.1234 of a Validus share from a 1.2037 exchange ratio for each IPC share. The price difference after a day of trading was about $1.10, or 3.4% over the previous offer. The offer expires June 26.

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NOT A SUBSCRIBER? Proxy battles make for hearty arb fare Posted on May 19, 2009 11:00 AM The proxy season is delivering several active situations to the risk arbitrage market that continue to heat up and could see resolutions this week. Validus Holdings Ltd. attempted Monday to push forward its spoiler bid for IPC Holdings Ltd. by adding a cash component and reducing the share exchange ratio. Validus altered its offer for the Bermuda casualty insurer to $3 per share plus 1.1234 of a Validus share from a 1.2037 exchange ratio for each IPC share. The price difference after a day of trading was about $1.10, or 3.4% over the previous offer. The offer expires June 26. 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. 904 in-depth reports of M&A deals in the FInancial Services sector 22 articles related to Validus Holdings Ltd. 19 articles related to IPC Holdings Ltd. 17 articles related to Max Capital Group Ltd. 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Skadden Arps Pinnacle Foods Concho Resources Agrium Inc. Birds Eye Cantor Fitzgerald Credit Suisse Windstream Corp. Goldman Sachs		EXISTING USERS Username Password Forget your password? Missing a product?

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