Validus offers cash for IPC

Bermudian firm Validus Holdings has revised its offer for IPC Holdings and has introduced a cash element to try and persuade IPC shareholders to vote against the rival Max Re deal. Validus Holdings said it will offer IPC shareholders $3 in cash and 1.12 Validus shares for each IPC share. The original all-share offer would have paid IPC shareholders 1.20 Validus shares for every IPC share but without a cash element. Based on the original offer, the board of IPC recommended the Max Re deal to shareholders, but Validus has appealed to shareholders to vote against the deal and consider the Validus proposal. IPC said shareholders should not take action until the board has had time to consider the new offer from Validus.