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IPCR.O

ISIN: BMG4933P1014
SEDOL: 2448181

Rating:

HOLD

Target Price:

32.65 USD

Investment Horizon:

6 to 12 months
24th Jul 2009 View Report   Download

2Q 09 News Alert

IPC Holdings Ltd.'s (IPC Holdings) adjusted1 total revenues witnessed robust growth in 2Q 09 while adjusted net income remained flat y-o-y as expenses connected with merger activity dented performance. Although overall performance was healthy and our current target price does not suggest a HOLD rating at current price levels, given the value of Validus offer for IPC Holdings we do not expect a significant upside for the…

10th Jul 2009 View Report   Download

Company News Alert

On 09 July 2009, IPC Holdings Limited (IPC Holdings) announced a definitive amalgamation agreement with Validus Holdings Ltd. (Validus), after Validus agreed to include a relatively higher cash component and to cede termination rights in the event of catastrophe losses. On 09 July 2009, the total deal value was approximately US$1.65 bn. Although we remain concerned that with similar existing business lines, the combined entity will be very significantly exposed…

24th Jun 2009 View Report   Download

Company News Alert

On 23 June 2009, IPC Holdings Limited (IPC Holdings) announced that it has entered into a confidential agreement with Validus Holdings Ltd. (Validus) and will start the due diligence process. However, the company's board is still not recommending the bid and will continue to evaluate strategic alternatives, soliciting alternative takeover bids, to maximize shareholder value. Based on Validus' current offer we do not foresee a significant upside for the…

23rd Jun 2009 View Report   Download

Company News Alert

On 22 June 2009, Validus Holdings Ltd. (Validus) announced that it has delivered a revised amalgamation agreement to IPC Holdings Limited (IPC Holdings) which addresses the concerns outlined by IPC Holdings on 15 June 2009. Although Validus has agreed to the majority of the requirements, it has maintained that it will not be revising the economic terms of the offer as it believes it provides fair value for the IPC Holdings shares....

16th Jun 2009 View Report   Download

Company News Alert

On 12 June 2009, IPC Holdings Limited (IPC Holdings) announced that its merger agreement with Max Capital Group Limited (Max Capital) has been terminated as the offer failed to obtain approval from IPC Holdings shareholders at its AGM of the same day. Subsequent to the cancellation of the deal, IPC Holdings approached Validus Holdings Ltd. (Validus), which is currently offering US$3.75 in cash and 1.1234 Validus common shares for each IPC Holdings common share…