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Article: Validus Will Seek to Replace IPC Board If Unable to Reach Timely Agreement on Transaction.
- Article from:
- Business Wire
- Article date:
- June 15, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Will Solicit Requisitions for Special Meeting of IPC Shareholders
HAMILTON, Bermuda -- Validus Holdings, Ltd. ("Validus") (NYSE: VR) today announced that it will seek to replace the Board of Directors of IPC Holdings, Ltd. ("IPC") (NASDAQ: IPCR) if it is unable to reach an agreement with the IPC Board in a timely fashion. While Validus continues to seek a consensual amalgamation transaction with IPC, it will continue to pursue its Exchange Offer and previously announced Scheme of Arrangement in order to complete a transaction and will seek to replace the IPC Board if an agreement with the IPC Board is not reached.
"Following the overwhelming rejection of ...