The board of directors of IPC Holdings Ltd. said last week that it would stay on track with its decision to merge with Max Capital Group Ltd., spurning an offer from Validus Holdings Ltd. and seemingly ending a heated contest between the two suitors.
A day after IPC's announcement, however, Validus shot back a letter to IPC's board, stating that it would pursue a proxy fight, taking its proposal directly to shareholders.
On April 7, IPC, a Bermuda-based property-catastrophe reinsurer, said its board had voted unanimously to reaffirm its recommendation that IPC shareholders vote to approve the definitive amalgamation (the name for a stock for stock acquisition transaction under Bermuda law) between IPC and Max.
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