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Article: In Brief.(Flagstone Reinsurance Holdings Ltd.)(cases between The Hartford Financial Services Group Inc. and Arch Insurance Group Inc.)
- Article from:
- Business Insurance
- Article date:
- July 6, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. 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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Flagstone joins bidding for IPC
Flagstone Reinsurance Holdings Ltd. last week made an offer for IPC Holdings Ltd., saying it would exchange 2.638 new common shares for each IPC common share plus $5.50 per share in cash, for a total value of $33.62 per share based on IPC's closing price of $22.77 last Wednesday. After Flagstone's offer, rival IPC suitor Validus Holdings Ltd. reaffirmed its existing bid for IPC, offering $3.75 in cash and 1.1234 Validus voting common shares for each IPC common share, for a total consideration of $28.86. IPC shareholders last month rejected a merger deal with rival reinsurer Max Capital Group Ltd.
Hartford sues Arch over ...