NU Online News Service, April. 30, 3:55 p.m. EDT
In its second announcement this week on the subject, Validus Holdings today outlined steps to speed up its efforts for a hostile takeover of IPC, which is backing an alternative deal with Max Capital.
On Tuesday, Validus announced it was suing IPC Holdings and Max Capital Group over restrictive provisions in a merger agreement between the two companies that shut other companies out from talking to IPC's board and calls for a $50 million fee to be paid to Max if the IPC-Max deal is terminated.
Today, Validus said it has a three-part plan to take over IPC's monoline property-catastrophe reinsurance operation, IPC Re, eyeing a target date of June or July to complete the deal.
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