Key Developments For IPC Holdings, Ltd.
IPC Holdings, Ltd. (IPCR.O) (Nasdaq)
Validus Holdings, Ltd. Completes Acquisition of IPC Holdings, Ltd.
Validus Holdings, Ltd. announced that it has completed its acquisition of IPC Holdings, Ltd. Pursuant to the amalgamation agreement, former shareholders of IPC will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share. Effective as of the close of trading, IPC common shares will cease trading.
IPC Holdings, Ltd. Declares Dividend
IPC Holdings, Ltd. announced that its Board of Directors has declared a quarterly dividend of $0.22 per common share, payable on September 2, 2009 to shareholders of record on August 20, 2009.
IPC Holdings, Ltd. Appoints Mr. John R. Weale As Interim President And CEO-Form 8-K
IPC Holdings, Ltd. reported in its Form 8-K that Mr. John R. Weale's appointment as Interim President and Chief Executive Officer of the Company.
Validus Holdings, Ltd. Updates On Offer To Acquire IPC Holdings, Ltd.
Validus Holdings, Ltd. announced that the boards of directors of both Validus and IPC Holdings, Ltd. have approved a definitive amalgamation agreement. Under the terms of the agreement, IPC shareholders will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share. The final transaction terms represent an adjustment to the structure of Validus' previous offer, under which IPC shareholders would have received $3.75 in cash and 1.1234 Validus voting common shares for each IPC common share, in order to provide IPC shareholders with significantly greater cash consideration, while not changing the overall transaction value based on the March 30, 2009 closing stock prices for IPC and Validus. Completion of the transaction, is expected to take place in the third quarter of 2009.
Validus Holdings, Ltd. Reaffirms Its Offer For IPC Holdings, Ltd.
Validus Holdings, Ltd. reported that it recently confirmed to the Board of Directors of IPC Holdings, Ltd. (IPC) and its advisors that its offer for IPC is its best and final offer. The Validus offer consists of 1.1234 Validus common shares and $3.75 in cash for each IPC common share. Under Validus` offer, IPC shareholders would receive total consideration of $28.63 based on Validus` closing price on July 2, 2009. Validus also announced that it has extended its Exchange Offer for all of the outstanding common shares of IPC to 5:00 p.m., New York City time (6:00 p.m., Atlantic time), on July 13, 2009, unless extended. As of July 2, 2009, the last trading day prior to this extension, approximately 9,190,039 shares of IPC (including approximately 5,151 IPC shares subject to guaranteed delivery procedures) had been tendered in and not withdrawn from the Exchange Offer.
