Validus, IPC shareholders to decide merger at meetings on Sept. 4

By Lisa Kerner

Charlotte, N.C., Aug. 6 - Shareholders of Validus Holdings, Ltd. and IPC Holdings, Ltd. will vote on the companies' proposed amalgamation at separate special meetings on Sept. 4 in Bermuda, it was announced on Thursday.

Validus shareholders will meet at 10 a.m. ET, and IPC shareholders will meet at 11 a.m. ET.

Both reinsurance companies' boards of directors recommended that their respective shareholders vote in favor of the deal, which is expected to close following approvals.

Under the amalgamation agreement announced in July, IPC shareholders will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share.

The transaction is valued at approximately $1.65 billion.

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