Bermuda-based Validus Holdings announced that it has filed preliminary proxy materials with the U.S. Securities and Exchange Commission in connection with IPC Holdings Annual General Meeting of shareholders.
Validus is urging the shareholders to oppose the issuance of IPC shares in connection with the amalgamation agreement between IPC and Max Capital Group Ltd. [See previous articles] Validus is asking IPC shareholders to vote against all of IPC’s proposals in connection with the Max transaction.
As it has reiterated several times over the past two weeks, Validus said it believes it has made a “Superior Proposal” for IPC. On that basis it is asking IPC’s shareholders to oppose the “clearly inferior proposal to combine IPC and Max,” stated Validus’ Chairman and CEO Ed Noonan.
“We are confident that IPC’s shareholders will recognize the near and long term value of our proposal, which offers a premium for IPC shares and better long-term opportunities for growth, and look forward to working towards the completion of a combination with IPC,” he added.
The bulletin noted: “Shareholders who have questions, or need assistance in voting their shares, should call Validus’ proxy solicitors, Georgeson, Inc., Toll-Free at 888-274-5119; Banks and Brokers should call 212-440-9800.
Source: Validus Holdings – www.validusre.bm
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