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UPDATE 1-Validus disputes rival IPC bidder's calculation

Sun Apr 5, 2009 9:47pm EDT

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NEW YORK, April 5 (Reuters) - Validus Holdings Ltd (VR.N), a Bermuda-based provider of insurance and reinsurance which is trying to buy reinsurer IPC Holdings Ltd IPCR.O, said on Sunday it disagrees with a calculation rival bidder Max Capital Group Ltd (MXGL.O) made over the benefits of a deal.

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Validus on March 31 made an unsolicited bid to buy IPC for $1.68 billion, upsetting IPC's announced deal with Max.

Validus said on Sunday it disagrees with a claim made by Max on April 2 that a combination between IPC and Max would deliver 29 percent more tangible book value per share to IPC than Validus' proposal. It also believes the measure is the wrong framework to analyze which offer is superior.

"We remain confident that the IPC board will agree the Validus proposal is a 'superior proposal'," it said in a statement. (Editing by Ian Geoghegan)

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