Bermuda-based IPC Holdings, the prize sought by both Max Capital and Validus Holdings, registered satisfaction at the action of the Supreme Court of Bermuda in dismissing Validus’ proposed scheme of arrangement application.
In a press bulletin IPC Chairman Kenneth L. Hammond stated: “Validus has now lost both of its attempts to interfere with the IPC/Max amalgamation through time-consuming legal maneuvers. The Court has ordered Validus to pay IPC’s costs in both cases. Describing the course proposed by Validus as unprecedented, the Chief Justice stated that he had no doubt that he should not adopt it.
“Today’s ruling reinforces IPC’s long-stated view that the Validus scheme is unprecedented and is not appropriate. In addition, IPC continues to believe that the Validus exchange offer is highly conditional and faces substantial obstacles to completion.”
He added that he considered the Validus bid to be a “distraction,” and indicated that he is pleased “the litigation” is “behind us.” He also reiterated the position of IPC’s Board of Directors, strongly favoring Max capital’s proposal.
Source: IPC Holdings – www.ipcre.bm
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