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ap

Validus completes purchase of IPC Holdings

Validus completes purchase of rival IPC Holdings; IPC shares to cease trading

  • On 2:48 pm EDT, Friday September 4, 2009

NEW YORK (AP) -- Validus Holdings Ltd., a Bermuda-based insurer, announced Friday the completion of its purchase of rival IPC Holdings Ltd.

Former shareholders of IPC will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share, Validus said in a release.

The deal gives IPC shareholders $31.58 per share based on Validus' Thursday closing price of $24.76.

Shares of IPC were down 18 cents to $31.17, while Validus shares were down 43 cents to $24.33 in afternoon trading. IPC common shares will cease trading at the close the session Friday.

Validus has said its Chairman and CEO Ed Noonan will continue to head the company after the deal.

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