Max, IPC shares tumble on merger news
Shares in Bermudian (re)insurers Max Capital and IPC Holdings tumbled on the NASDAQ after companies said they had agreed on a merger.
Max shares were down over 4%, or 68 cents, at $15.82, while IPC shares were off 2%, or 50 cents, at $24.91. The NASDAQ itself was off 9.28 at 1,368.56.
In the merger, Max Capital shareholders will
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