IPC Holdings special meeting scheduled, not likely to be held

By Lisa Kerner

Charlotte, N.C., July 20 - IPC Holdings, Ltd. announced it has scheduled a special general meeting of its shareholders for 11 a.m. ET on Dec. 31 in Bermuda.

The record date for the meeting is July 20.

Validus Holdings, Ltd. requisitioned the meeting in June after soliciting support from IPC shareholders. Since then, IPC and Validus have agreed to combine.

The meeting will not be held if the proposed amalgamation between IPC and Validus is consummated prior to Dec. 31, IPC said.

The company said the meeting is not expected to occur, so Validus and IPC agreed not to solicit proxies for or against six proposals, including a proposal to remove IPC directors and approve a scheme of arrangement.

As previously reported, IPC shareholders will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share in a deal valued at approximately $1.65 billion.

Both IPC and Validus are Bermuda-based reinsurance companies.

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