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
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