Validus extended its exchange offer to July 13, 2009
Validus Holdings (Validus), a provider of reinsurance and insurance, has confirmed to the Board of Directors of IPC Holdings (IPC) and its advisors, that its offer for IPC is the final one. The Validus offer consists of 1.1234 Validus common shares and $3.75 in cash for each IPC common share.
Ed Noonan, Chairman and CEO of Validus, said: “We have made a number of changes to the terms of our offer in order to be responsive to concerns expressed by the IPC Board, including providing IPC shareholders with the certainty of a transaction that is not subject to termination in the event of major catastrophe losses.”
As per the Validus’ offer, IPC shareholders would receive total consideration of $28.63, based on Validus’ closing price on July 2, 2009. The Validus offer provides IPC shareholders with a 24.9% premium and $31.73 per share based on IPC’s and Validus’ closing prices on March 30, 2009, before the announcement of Validus’ initial offer.
Validus also announced today that it has extended its exchange offer for all of the outstanding common shares of IPC to July 13, 2009.