Reinsurance company IPC Holdings Ltd said Tuesday it has held talks with suitor Validus Holdings Ltd but it has also solicited takeover interest from other companies.
IPC, which has launched a search for a new chief executive offer, said it continues to recommend against the Validus offer due to the price. The two companies have held in-person discussions, but Validus is not willing to raise its $1.72 billion bid, IPC said.
Earlier this month, IPC shareholders rejected a deal with rival insurance company Max Capital Group Ltd. Validus made a rival offer for IPC in March and had worked for months to thwart the IPC-Max deal.
Validus could not be immediately reached for comment.
(Reporting by Jessica Hall; editing by John Wallace)
Topics Lawsuits Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Lemonade Books Q4 Net Loss of $21.7M as Customer Count Grows 
