Former shareholders of IPC would receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share
Validus Holdings (Validus), a provider of reinsurance and insurance, has acquired IPC Holdings (IPC).
Validus shareholders have approved the issuance of Validus common shares in connection with the acquisition of IPC, with the support of approximately 87% of the shares.
IPC shareholders adopted the amalgamation agreement with Validus and approved the resulting amalgamation of IPC with a wholly-owned subsidiary of Validus, with the support of approximately 95% of the shares voted.
Ed Noonan, chairman and chief executive officer of Validus, said: “We are delighted to have completed this compelling strategic combination, which provides major benefits to customers and shareholders of both companies. With significantly increased capacity, a global platform and leading positions in attractive insurance and reinsurance markets, Validus is well positioned to meet the evolving needs of clients and to deliver continued growth to shareholders.”
Pursuant to the amalgamation agreement, former shareholders of IPC will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share.