Validus rebuffed may seek another bride

Even if IPC shareholders were to rebel against their board, the agreement between IPC and Max Capital requires that the IPC board put the proposal to a shareholders’ meeting before entering discussions with another party. That meeting is unlikely to take place before June, Max Capital said, which meant that an offer from Validus or anyone else could probably not be completed until late in the third quarter

Last week’s unanimous decision by the board of catastrophe reinsurer IPC Holdings to reject an unsolicited merger proposal from Validus Holdings appears to have put a quick end to the novelty of a contested bid for a reinsurance business.