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Validus threatens to oust IPC board

 

Monday, Jun 15,2009, 10:35:51 PM   Click:

NEW YORK_Reinsurer Validus Holdings Ltd. on Monday threatened to oust the board of rival IPC Holdings Ltd. if IPC doesn't accept a Valdius buyout offer soon.

Validus said it was confident it could get enough shareholder support for a special meeting to vote on its own slate of board members.

Validus reiterated its per-share offer of $3.75 in cash plus 1.12 share of Valdius after IPC shareholders rejected a proposal Friday to merge with Max Capital Group Ltd.

IPC in March agreed to merge with Max Capital in a $912 million all-stock deal. Validus stepped in later with an offer to buy out IPC and has hiked its offer twice.

"Following the overwhelming rejection of the Max transaction on Friday, we are taking steps to enable IPC's shareholders to receive the superior value offered by Validus," Ed Noonan, Validus chief executive, said in a statement.

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