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With IPC Holdings shareholders preparing to vote Friday on a merger with Max Capital, rival bidder Validus Holdings yesterday increased its offer again.

Continuing in its effort to beat out Max Capital with a rival bid for Bermuda-based IPC Holdings, Validus Holdings has upped its offer to shareholders of the targeted property-catastrophe reinsurer.

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.

Validus Holdings, in its continuing fight with Max Capital over who will acquire IPC Re, has filed a lawsuit that challenges aspects of the arrangement Max has made with IPC.

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.

Validus Holdings, Ltd. said it has filed preliminary proxy materials with the U.S. Securities and Exchange Commission in connection with its battle to acquire IPC Holdings, Ltd.

Hamilton, Bermuda-based insurer Validus Holdings Ltd. vowed it would fight to take over IPC Holdings Ltd. after the company's board said yesterday that it thought merging with Max Capital Group Ltd. was a better deal.

Less than a month after Max Capital and IPC Re announced their boards had approved a merger deal, Validus Holdings presented the IPC board with a second offer to merge with the property-catastrophe reinsurer valued at $1.68 billion.