IPC board unanimously backs Max merger over Validus
The board of directors of Bermudian (re)insurer IPC Holdings' board of directors has turned down a $1.68bn takeover offer from rival Validus, and backed its agreed all-share merger with Max Capital.
In a statement, IPC's board noted that a combination with Max provides clear strategic and financial benefits to all IPC shareholders.
Kenneth Hammond, chairman of IPC's board of directors, said, "The
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