IPC Holdings (IPCRR) Agrees to Sale to Validus (VR)

July 9, 2009 7:58 AM EDT

IPC Holdings, Ltd. (Nasdaq: IPCR) announced that its Board of Directors has unanimously approved a definitive amalgamation agreement with Validus Holdings, Ltd. (NYSE: VR). Under the terms of the agreement, holders of IPC common stock will receive $7.50 per share in cash and a fixed exchange ratio of 0.9727 Validus shares for each IPC share.

Upon closing of the transaction, IPC shareholders will receive approximately $424 million cash in aggregate and will own approximately 38% of the combined company on a fully diluted basis (with Validus's shareholders owning approximately 62%).
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