Ed Noonan, chairman and chief executive officer of Validus Holdings today branded Max Capital's bid for IPC "an obviously inferior offer" and stressed his firm's commitment to the deal despite the IPC board recommending its shareholders accept Max Capital's bid.
In a letter to the chairman of IPC's board of directors Kenneth Hammond, Noonan expressed his surprise at the action taken by IPC.
"We are extremely disappointed that IPC's Board of directors has rejected our proposal in favour of an obviously inferior alternative," said Noonan in a statement.
"We continue to believe that our proposed transaction represents a superior proposal for IPC's shareholders and is the best way to maximise value for IPC. While we would have preferred to work cooperatively with IPC, we remain fully committed to our proposal and expect to use all available means to complete our transaction. We encourage IPC shareholders to express their support for our proposal."