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| Breaking News |
Friday 12th June 2009: 22:43 |
Validus shares fall following IPC decision
Shares in Validus, the Bermudian (re)insurer locked in a takeover battle with Max Capital for island rival IPC Holdings, were off nearly 4% in New York following a decision by IPC shareholders to turn down a merger with Max.
At the close of trading, shares in Validus were down 92 cents, or 3.89% at $22.73, while IPC shares were up 1%, or 30 cents, at $27.75. Max Capital shares jumped over 7%, or $1.26 at $18.79.
Earlier on Friday Validus reported that 72% of IPC shareholders decided to vote against IPC's merger with Max Capital. Validus currently has a $30.32 per share offer on the table for IPC Holdings.
Ed Noonan, Validus’ chairman and CEO said in a statement: “I want to thank IPC shareholders for their support throughout the voting process. By rejecting the Max amalgamation by an overwhelming margin, IPC shareholders have clearly spoken. We now expect IPC’s Board to heed the message sent by IPC’s shareholders by agreeing to Validus’ pending Amalgamation Agreement without delay so that IPC’s shareholders can receive the superior value offered by Validus promptly.”
Mr. Noonan added: “We are gratified that the Max amalgamation agreement has now been terminated and we urge the IPC Board to work cooperatively with us to achieve an expeditious closing of the Validus transaction.”
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