Flagstone Reinsurance Holdings Limited (NYSE:FSR) announced today that
it has made an offer to the Board of IPC Re to acquire all of IPC’s
outstanding shares. Flagstone’s offer is superior to the pending offer
made by Validus on both a market value and tangible book value per share
basis, and offers a superior value proposition for the continuing
shareholder.
Flagstone will exchange 2.638 of new common shares for each IPC common
share plus $5.50 per share in cash for total consideration of $33.62
compared to IPC Re’s price of $27.77 based on today’s closing common
equity prices.
Flagstone Chairman, Mark Byrne, commented: “Our offer contains a
materially greater cash component and offers a greater overall value to
IPC shareholders. Our offer is not subject to financing and is made on a
friendly basis, with a plan to work with the existing board and
management of IPC to preserve the business and franchise value of IPC in
the combined entity. We believe this approach together with the
significant opportunities brought to the combined entity via Flagstone’s
global underwriting platform and industry-leading technical
infrastructure will maximize value for both IPC and Flagstone
shareholders. We have substantially completed our confirmatory due
diligence with no issues identified to date.”
Flagstone will host a webcast and conference call on Monday July 6th at
10am EDT to discuss their offer. The webcast will be available for
viewing via a link on the website at www.flagstonere.com.
The teleconference can be accessed by dialing (800) 901-5231 (US
callers) or (617) 786-2961 (International callers) and entering the pass
code 34156111 approximately 10-15 minutes in advance of the call.
About Flagstone Reinsurance Holdings Limited
Flagstone Reinsurance Holdings Limited, through its operating
subsidiaries, is a global multi-line reinsurance and insurance company
that employs a focused, technical approach to the Property, Property
Catastrophe, and Specialty reinsurance and insurance businesses.
Flagstone Réassurance Suisse SA has an "A-" financial strength rating
from both A.M. Best and Fitch Ratings, and an "A3" rating from Moody's
Investors Service.
Flagstone Reinsurance Holdings Limited, Hamilton
Brenton Slade,
+1-441-278-4303
