Validus extends 'best and final' exchange offer for IPC to July 13

By Lisa Kerner

Charlotte, N.C., July 6 - Validus Holdings, Ltd. said it confirmed to the IPC Holdings, Ltd. board of directors that its latest offer for IPC is its "best and final offer."

The offer gives IPC shareholders 1.1234 Validus common shares and $3.75 in cash for each IPC common share.

Validus extended its tender offer to 5 p.m. ET on July 13 from Monday.

Approximately 9,190,039 shares of IPC, including approximately 5,151 IPC shares subject to guaranteed delivery procedures, had been tendered in and not withdrawn as of Thursday, Validus said.

"As we have said since we first announced our offer for IPC in late March, we believe that a combination with IPC will create significant short and 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," Validus chairman and chief executive officer Ed Noonan said in a news release.

Last week, Flagstone Reinsurance Holdings Ltd. offered to acquire IPC for 2.6380 Flagstone shares plus $5.50 in cash for each IPC common share.

As previously reported, Validus delivered sufficient requisitions from IPC shareholders to require IPC to hold a special meeting under Bermuda Law.

At the meeting, Validus said it will propose replacing the IPC board of directors, eliminating or amending some provisions in IPC's bylaws and binding IPC to its previously announced scheme of arrangement.

All three reinsurance companies are based in Bermuda.

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