NU Online News Service, June 12, 4:04 p.m. EDT
Shareholders of IPC Holdings Ltd. have voted down a merger bid from Max Capital Group Ltd., and Max has decided to take its offer off the table rather than sweeten the deal.
The Max deal was favored by the boards of both IPC and Max over a rival deal from Validus Holdings, which was valued at more than $1.7 billion as of June 10.
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