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Validus’ Call Receives Support From RiskMetrics

IPC shareholders can provide support for the Validus offer by executing the GREEN requisition card

Validus Holdings (Validus), a provider of reinsurance and insurance, has got support from RiskMetrics, a proxy voting and corporate governance advisory firm, to hold a special meeting of IPC Holdings’ shareholders, by recommending them to execute Validus’ GREEN requisition card.

IPC shareholders can provide support for the Validus offer by executing the GREEN requisition card. Validus would seek to replace the IPC Board at the special meeting. In addition, it would also seek to eliminate or amend provisions in IPC’ bye-laws, and to bind IPC to its previously stated ‘Scheme of Arrangement’.

Validus plans to file a new application with the Supreme Court of Bermuda. The company seeks its approval to convene a court-ordered meeting of IPC’ shareholders, regarding the Scheme of Arrangement following Validus’ receipt of these requisitions.

As per the Validus’ initial offer, it offers a 24.9% premium based on IPC’ and Validus’ closing prices on March 30, 2009.