NU Online News Service, April 1, 12:47 p.m. EDT
Responding to a rival bid for Bermuda-based property-catastrophe reinsurance specialist IPC Holdings from Validus Holdings yesterday, Max Capital said its lower-priced merger deal would create a company with better diversification.
Max Capital and IPC Re early last month had announced their boards approved a transaction valued at roughly $900 million; Validus Holdings' rival bid is valued at $1.68 billion.
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