Pressure put on IPC

VALIDUS has upped the pressure on IPC Holdings to accept its bid by announcing that shareholders representing 54% of IPC shares have submitted requisitions “showing strong support for Validus’ acquisition of IPC”. Validus said this means the IPC board is required by Bermudian law to call a special meeting of IPC shareholders. Ed Noonan, chairman and chief executive of Validus, said: “The high level of requisitions, along with the over­whelming rejection of the Max transition, clearly demonstrates IPC shareholders want the attractive economics of the Validus offer. We have presented a very attractive offer to IPC, which includes a full and fair price for IPC shares, and have made a number of concessions to be responsive to concerns expressed by the IPC board.” A Validus statement added that in addition to seeking to replace the IPC board with three of its own candidates at the special meeting, Validus will seek to eliminate or amend certain provisions in IPC’s bye-laws and to bind IPC to its previously announced scheme of arrangement if appropriate.