Less than a month after Max Capital and IPC Re announced their boards had approved a merger deal, Validus Holdings presented the IPC board with a second offer to merge with the property-catastrophe reinsurer valued at $1.68 billion.
The Validus offer was detailed in a press statement last week, which included the full text of a letter sent by Edward Noonan, chairman and chief executive officer of Bermuda-based Validus, to IPC President and CEO James Bryce, describing the Validus offer as a "superior amalgamation proposal."
The letter highlighted what Validus said is better value, better trading characteristics for shares of the combined company and strategic benefits of combining two operations dedicated to short-tail lines of business.
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