The board of IPC Holdings Ltd. has finally agreed to a merger proposal from Validus Holdings Ltd. after spurning an initial offer and multiple court battles with its corporate suitor.
Upon closing of the transaction, IPC said its shareholders will receive approximately $424 million cash in aggregate and will own approximately 38 percent of the combined company, while Validus's shareholders will own approximately 62 percent.
In response to the agreement, Oldwick, N.J.-based A.M. Best Company put the “A-minus (Excellent)” financial strength rating and issuer credit rating of “A-minus” for Bermuda-based Validus Reinsurance Ltd. “under review, with negative implications.”
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