Monday, November 23,  10:24 pm

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IPC Holdings Ltd. met Wednesday with proxy solicitor RiskMetrics Group to present its argument in favor of its merger with Max Capital Group Ltd. over the unsolicited bid by Validus Holdings Ltd. for IPC.

The meeting comes without an adjustment to the terms of the Max Capital-IPC stock merger, which could be a bearish sign for the bidding war. Moving forward with the presentation to the proxy advisory service without an adjustment to the terms of the merger suggests IPC and Max Capital think they can persuade RiskMetrics to back the current deal over the Validus offer.

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