NU Online News Service, July 7, 3:31 p.m. EDT
Fitch Ratings has placed the "A-minus" ratings of Bermuda-based Flagstone Reinsurance Holdings, Ltd. on Rating Watch Negative in response to Flagstone's $1.8 billion offer to acquire IPC Holdings, Ltd.
IPC has received competing bids from other entities as well, Fitch noted, and company shareholders have already defeated a $900 million merger deal offered by Max Capital, which IPC's board supported. Validus Holdings, which was competing with Max Capital over IPC, still has a $1.6 billion offer on the table.
Under Flagstone's proposed deal, Flagstone would acquire all of IPC's outstanding shares in a stock and cash transaction, Fitch said.
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