Reinsurers Validus, IPC Agree To Merge In $1.7B Deal

Law360, New York (July 9, 2009, 12:00 AM EDT) -- Validus Holdings Ltd. has reached a merger deal with fellow reinsurer IPC Holdings Ltd. worth about $1.7 billion, putting a potential end to a long bidding war for IPC.

The Bermuda-based companies announced on Thursday in an 8-K filing with the U.S. Securities and Exchange Commission that their boards had reached an agreement on a proposed deal, in which Validus would provide IPC stockholders with 0.9727 voting common shares of Validus stock, par value $0.175 per share, and $7.50 in cash for each IPC share....
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