The Bermuda-based Max Capital Group Ltd. Has won a skirmish in its fight with Validus Holdings over the acquisition of IPC Re when the Bermuda Supreme Court dismissed the application by Validus to expedite its suit against Max and IPC Holdings.
Max accused Validus of “attempting to have its suit determined before the respective shareholders meetings to consider the proposed merger of Max and IPC. The court refused to order an expedited trial.”
Max also noted that the “Bermuda Court remarked on Validus’ motive and intentions, including that Validus — clearly interested as a rival bidder for IPC — threatened litigation against IPC and Max on the same day it purchased 100 shares of IPC common stock. The Court held that it was neither reasonable nor fair to have an expedited trial.”
In addition the court ordered Validus to pay Max and IPV’s legal fees related to the hearing.
The Court also ordered Validus to pay Max’s and IPC’s legal expenses related to the application.
Shareholders of both IPC and Max are expected to vote on the proposals related to the companies’ amalgamation agreement for their respective annual meetings on June 12, 2009. If shareholder approvals are obtained at the meetings, the closing is expected to occur shortly thereafter.
Source: Max Capital – www.maxcapgroup.com
Topics Legislation
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