Validus Holdings Ltd. reiterated its unsolicited offer for reinsurer IPC Re Thursday, one day after Flagstone Reinsurance Limited made a higher competing bid [See related article].
Validus’ bid of 1.1234 of its shares plus $3.75 in cash for each IPC share would amount to an offer of $28.86 per share, or $1.61 billion, based on Wednesday’s closing price.
But Wednesday, Flagstone offered 2.638 common shares plus $5.50 in cash for a bid of $33.62 for each IPC share. That represents a 21 percent premium over IPC’s closing price of $27.77.
“Validus remains strongly committed to our outstanding offer to acquire IPC, which we firmly believe represents a full and fair value for IPC shares,” the company said in a statement.
IPC sought other suitors last month after saying the Validus bid was too low.
Earlier in June, IPC shareholders rejected a deal with rival insurance company Max Capital Group Ltd. Validus made a competing offer for IPC in March and had worked for months to thwart the Max deal.
(Reporting by Juan Lagorio; Editing by Lisa Von Ahn)
Was this article valuable?
Here are more articles you may enjoy.
Insurance Customers Skeptical About AI Processes and Benefits 
Barge Looted in the Bahamas Returns to Florida but Insurance Claims Mounting 
How E-Deliveries Are Fueling More Crashes, Traffic, Pollution and Worker Injuries 
How ‘Super Roofs’ Reward Insurers, Cat Bond Investors and Homeowners 
