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