Validus (VR) Reaffirms Commitment to Offer for IPC Holdings (IPCR)

July 2, 2009 7:25 AM EDT

Validus Holdings, Ltd. (NYSE: VR) today reaffirmed its commitment to its outstanding offer to acquire IPC Holdings, Ltd. (NASDAQ: IPCR). In connection with the announcement, Validus issued the following statement:

"Validus remains strongly committed to our outstanding offer to acquire IPC, which we firmly believe represents a full and fair value for IPC shares. In addition, we have made a number of changes to be responsive to concerns expressed by the IPC Board. Validus believes that a combination with IPC will create significant long term value for the shareholders of both Validus and IPC by creating a well-diversified, market-leading carrier in Bermuda's short-tail reinsurance and insurance markets."

Under Validus' offer, IPC shareholders would receive $3.75 in cash and 1.1234 Validus voting common shares for each IPC common share for a total consideration of $28.86 based on Validus' closing price on July 1, 2009. The Validus offer provides IPC shareholders with a 24.9% premium based on IPC's and Validus' closing prices on March 30, 2009, the last trading day before the announcement of Validus' initial offer.

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