Validus Holdings (Validus) has submitted requisitions from shareholders to IPC Holdings (IPC), with ownership of approximately 54% of IPC’s outstanding common shares. The move is viewed as a strong support for Validus’ acquisition of IPC.
As Validus has submitted requisitions to IPC from shareholders representing around 10%, IPC Board is required by Bermuda law to call a special meeting of IPC shareholders. At the special meeting, Validus will seek to replace the IPC Board. In addition, the company will seek to eliminate or amend certain provisions in IPC’s bye-laws, and to bind IPC to its previously announced scheme of arrangement.
Validus has extended its exchange offer of providing IPC shareholders with a 24.9% premium (based on IPC’s and Validus’ closing prices on March 30, 2009) for all of the outstanding common shares of IPC to July 6, 2009.
Validus said that it will submit a new application with the Supreme Court of Bermuda to seek its approval to convene a court-ordered meeting of IPC’s shareholders, in connection with the scheme of arrangement.
