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NEW YORK - Insurer Validus Holdings Ltd. on Monday confirmed its latest offer to acquire IPC Holdings Ltd. was its best and final offer.
Hamilton, Bermuda-based Validus is offering 1.1234 shares of Validus and $3.75 in cash for each common share of IPC. Based on Validus' Thursday closing price of $22.15, the insurer is offering to purchase IPC shares at a price of about $28.63.
Shares of IPC closed Thursday at $28.27.
Validus said it has extended an exchange offer to acquire all outstanding common shares of IPC until 5 p.m. EDT on July 13. Validus said about 9.2 million shares have been tendered as of Thursday.
There were about 55.9 million shares of IPC outstanding as of May 8.
IPC Holdings has previously recommended against selling to Validus at its current offer because the price is too low. But in a statement on Thursday, IPC's board said it will continue to negotiate with both Validus and another bidder, Flagstone Reinsurance Holdings Ltd.
Flagstone has offered 2.6380 Flagstone shares for each IPC common share held, plus $5.50 per share in cash. Based on Flagstone's closing price of $10.18 on Thursday, its offer is valued at about $32.35.
Last month, IPC shareholders rejected a combination with Bermuda-based reinsurer Max Capital Group Ltd.
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