NU Online News Service, July 9, 12:46 p.m. EDT
The board of IPC Holdings, Ltd. has finally agreed to a merger proposal from Validus Holdings Ltd. after spurning an initial offer and multiple court battles with Validus.
Upon closing of the transaction, IPC said its shareholders will receive approximately $424 million cash in aggregate and will own approximately 38 percent of the combined company, while Validus's shareholders will own approximately 62 percent.
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