UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement
Pursuant to Section 14(a) of the Securities Exchange Act of 1934
Filed by the Registrant
x
Filed by a Party other than the Registrant
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Check the appropriate box:
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to Section 240.14a-12
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IPC Holdings, Ltd.
(Name of Registrant As Specified in its Charter)
Payment of Filing Fee (Check the appropriate box):
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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1)
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Title of each class of securities to which transaction applies:
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Aggregate number of securities to which transaction applies:
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):
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4)
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Proposed maximum aggregate value of transaction:
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x
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the
previous filing by registration statement number, or the Form or Schedule and the date of its filing.
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1)
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Amount Previously Paid:
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2)
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Form, Schedule or Registration Statement No.:
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EXPLANATORY NOTE
The definitive additional materials contained in this filing are the same as the Amendment No. 4 to the Solicitation/Recommendation Statement on Schedule 14D-9 filed with the U.S. Securities and Exchange
Commission on June 9, 2009, with the exception that the signature page contained in the Schedule 14D-9 is not contained in this filing.
This Amendment No. 4 to Schedule 14D-9 (this
Amendment
) amends and supplements the
Solicitation/Recommendation Statement on Schedule 14D-9 originally filed by IPC Holdings, Ltd. (
IPC
) with the Securities and Exchange Commission on May 14, 2009, as amended by Amendment No. 1 to Schedule 14D-9, filed on
May 19, 2009; Amendment No. 2 to Schedule 14D-9, filed on May 21, 2009; and Amendment No. 3 to Schedule 14D-9 filed on June 5, 2009 (as so amended, the
Schedule 14D-9
). This Amendment provides updated
information with respect to Validuss unsolicited Exchange Offer. Except as otherwise indicated, the information previously set forth in the Schedule 14D-9 remains unchanged. Capitalized terms used but not defined herein have the meanings
ascribed to them in the Schedule 14D-9.
Item 2
Item 2 of the Schedule 14D-9 is hereby amended and supplemented by adding the following at the end of such item:
On
June 8, 2009, Validus announced a revision to the terms of its Exchange Offer. Under the terms of the revised offer, IPC shareholders would receive for each outstanding IPC Common Share that is validly tendered and not properly withdrawn prior
to the expiration of the Exchange Offer (as revised on June 8, 2009) (x) 1.1234 Validus voting common shares and (y) $3.75 in cash, less any applicable withholding tax and without interest upon the terms and subject to the conditions
contained in the Exchange Offer (as revised on June 8, 2009).
Item 4
Item 4 of the Schedule 14D-9 is hereby amended and supplemented by replacing the current language under the headings
Solicitation or Recommendation
and
Intent to Tender
with
the following:
Solicitation or Recommendation.
After careful consideration, including a review of the terms and conditions of the Exchange Offer in consultation with IPCs
management and its financial and legal advisors, and consistent with its fiduciary duties under applicable law, the Board, by unanimous vote of directors in attendance at a meeting held on June 9, 2009, reaffirmed its approval of the IPC-Max
Amalgamation, concluded that the Exchange Offer (as revised on June 8, 2009) does not constitute a Superior Proposal as defined in the IPC-Max Amalgamation Agreement and was not in the best interests of IPC and its shareholders as a
whole and recommended that IPCs shareholders reject the Exchange Offer (as revised on June 8, 2009) and not tender their IPC Common Shares pursuant to the Exchange Offer (as revised on June 8, 2009).
ACCORDINGLY, THE BOARD UNANIMOUSLY RECOMMENDS THAT IPCS SHAREHOLDERS REJECT THE EXCHANGE OFFER (AS REVISED ON JUNE 8, 2009) AND
NOT TENDER THEIR IPC COMMON SHARES TO VALIDUS PURSUANT TO THE EXCHANGE OFFER (AS REVISED ON JUNE 8, 2009).
If you have
tendered your IPC Common Shares, you are encouraged to withdraw them. For assistance in withdrawing your tender of IPC Common Shares, you can contact your broker or IPCs information agent, Innisfree M&A Incorporated, at the address, phone
number and email address below:
2
Innisfree M&A Incorporated
501 Madison Avenue
20th Floor
New York, NY 10022
Toll-Free for Shareholders: (877) 825-8621
Banks and Brokers Call Collect: (212) 750-5834
Please see
Reasons for Recommendation
in Amendment No. 2 to Schedule 14D-9, filed with the SEC on May 21, 2009, for further information.
Intent to Tender.
After reasonable inquiry and to the knowledge of IPC, none of IPCs directors, executive officers, affiliates or subsidiaries currently intends to tender any IPC Common Shares held of record or beneficially owned by such person
pursuant to the Exchange Offer.
Item 9
Item 9 of the Schedule 14D-9 is hereby amended and supplemented by adding the following exhibit:
(a)(4) Press release issued
by IPC, dated June 9, 2009.
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Exhibit (a)(4)
IPC HOLDINGS REJECTS VALIDUSS REVISED OFFER
Says Revised Unsolicited Offer is Not Superior
Says Amalgamation With Max Delivers Superior Value and Certainty
IPC Board Urges Shareholders To Vote For Max Transaction
At June 12
Annual General Meeting
HAMILTON, Bermuda June 9, 2009 IPC Holdings, Ltd. (NASDAQ: IPCR; BSX: IPCR BH) announced today that its
Board of Directors has concluded that the amended amalgamation proposal announced by Validus Holdings, Ltd. on June 8, 2009, which continues to be at a significant discount to IPCs book value and represents a mere $0.12 increase above
Validus previous offer, is not in the best interests of IPC and its shareholders as a whole and does not constitute a superior proposal.
The Board
also reaffirmed its recommendation of IPCs proposed amalgamation with Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL BH). On June 4, 2009, IPC announced that it will pay two special cash dividends that will deliver $2.50 per share in
cash to IPC shareholders if the IPC/Max deal closes. The Board urges IPC shareholders to vote FOR the proposals related to the improved terms of the amalgamation with Max, which provides greater value and certainty, at the annual general meeting of
shareholders on June 12, 2009.
Kenneth L. Hammond, Chairman of IPCs Board of Directors said, Validus has submitted another unsolicited
offer to acquire IPC at a price below book value. IPCs Board has again determined that Validuss offer does not constitute a superior proposal and is not in the best interests of IPC and its shareholders as a whole.
Validus continues to attempt to acquire IPCs capital at a substantial discount to book value and its latest offer still does not have the same potential for
delivering shareholder value as the amalgamation with Max. We also question whether removing cash from the combination of two short-tail property casualty companies at the beginning of the hurricane season is wise; such an action could negatively
affect the combined companys credit ratings.
Mr. Hammond continued, In contrast, a combined IPC and Max, with its diversified
businesses and uncorrelated risk, allows shareholders of both companies to benefit from better capital utilization. The combination itself, through diversification, creates excess capital in the combined entity. Accordingly, IPC/Max will be able
both to pay our shareholders cash dividends and at the same time retain an appropriate buffer to protect our capital from catastrophe events. Following closing next week, assuming shareholder approval, we will maintain our ratings and will have the
flexibility to deploy capital and take advantage of favorable pricing and underwriting developments across a greater number of business lines and regions.
As we have also told our shareholders, Validuss claim that it can complete an acquisition of IPC with
speed and certainty is simply wrong; it cannot be completed until mid-August, at the very earliest, even assuming that IPC were to proceed with Validus on a friendly basis. Even that very optimistic timing puts us well into hurricane
season and if there is a major catastrophe event Validus could walk away from whatever is on the table and there could be no deal with any other party. In contrast, IPC shareholders can begin enjoying the benefits of the transaction with Max
including the cash dividends and excess capital within a few days if the amalgamation is approved just three days from now.
IPCs Board
of Directors strongly urges shareholders not to tender their shares to the Validus exchange offer. The IPC Board continues to believe that the combination with Max will provide superior value and benefits to all IPC shareholders and recommends that
IPC shareholders vote in favor of the amalgamation with Max.
IPCs Board of Directors urges shareholders to vote
FOR
all proposals associated
with the Max transaction on the
WHITE
proxy card at the June 12 annual general meeting of shareholders.
IPC shareholders who have tendered
their shares to Validus are encouraged to withdraw them. For assistance in withdrawing IPC shares tendered, shareholders should contact their broker or IPCs information agent, Innisfree M&A at (877) 825-8621.
You can find more information about the annual general meeting of shareholders and the Max amalgamation at our website:
www.ipcre.com
. Please register at the site
so that you will be apprised of any developments.
About IPC Holdings, Ltd.
IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe Limited, provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance on a
worldwide basis.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes statements about future economic performance, finances, expectations, plans and prospects of both IPC Holdings, Ltd. (
IPC
) and Max Capital Group Ltd.
(
Max
) that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties,
including the risks described in the definitive joint proxy statement/prospectus of IPC and Max that has been filed with the Securities and Exchange Commission (
SEC
) under Risk Factors, many of which are difficult to
predict and generally beyond the control of IPC and Max, that could cause actual results to differ materially from those expressed in or suggested by such statements. For further information regarding cautionary statements and factors affecting
future results, please also refer to the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q filed subsequent to the Annual Report and other
documents filed by each of IPC or Max, as the case may be, with the SEC. Neither IPC nor Max undertakes any obligation to update or revise publicly any
forward-looking statement whether as a result of new information, future developments or otherwise.
This press release contains certain forward-looking
statements within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current
plans, estimates and expectations. Some forward-looking statements may be identified by our use of terms such as believes, anticipates, intends, expects and similar statements of a future or forward
looking nature. In light of the inherent risks and uncertainties in all forward-looking statements, the inclusion of such statements in this press release should not be considered as a representation by us or any other person that our objectives or
plans will be achieved. A non-exclusive list of important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: (a) the occurrence of natural or man-made catastrophic
events with a frequency or severity exceeding our expectations; (b) the adequacy of our loss reserves and the need to adjust such reserves as claims develop over time; (c) any lowering or loss of financial ratings of any wholly-owned
operating subsidiary; (d) the effect of competition on market trends and pricing; (e) changes in general economic conditions, including changes in interest rates and/or equity values in the United States of America and elsewhere and
continued instability in global credit markets; and (f) other factors set forth in the definitive joint proxy statement/prospectus of IPC and Max, the most recent reports on Form 10-K, Form 10-Q and other documents of IPC or Max, as the case
may be, on file with the SEC. Risks and uncertainties relating to the proposed transaction include the risks that: the parties will not obtain the requisite shareholder or regulatory approvals for the transaction; the anticipated benefits of the
transaction will not be realized; and/or the proposed transactions will not be consummated. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We do not
intend, and are under no obligation, to update any forward looking statement contained in this press release, except as required by law.
ADDITIONAL
INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT:
This press release relates to a proposed business combination between
IPC and Max. On May 7, 2009, IPC and Max filed with the SEC a definitive joint proxy statement/prospectus, which was first mailed to shareholders of IPC and Max on May 7, 2009. On June 4, 2009, IPC and Max filed with the SEC a
supplemental joint proxy statement/prospectus, which was first mailed to shareholders of IPC and Max on June 4, 2009. This press release is not a substitute for the definitive joint proxy statement/prospectus that IPC has filed with the SEC,
the supplemental joint proxy statement/prospectus or any other document that IPC or Max may file with the SEC or send to their respective shareholders in connection with the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ
THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC
AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
All such documents, if
filed, would be available free of charge at the SECs website (www.sec.gov) or by directing a request to IPC, at Jim Bryce, President and Chief Executive Officer, or John Weale, Executive Vice President and Chief Financial Officer, at
441-298-5100, in the case of IPCs filings, or Max, at Joe Roberts, Chief Financial Officer, or Susan Spivak Bernstein, Senior Vice President, Investor Relations at 441-295-8800, in the case of Maxs filings.
PARTICIPANTS IN THE SOLICITATION:
IPC and Max and their directors
and executive officers are participants in the solicitation of IPC and Max shareholders, respectively, in connection with the proposed business combination.
Information about IPCs directors and executive officers is available in the definitive joint proxy statement/prospectus filed with the SEC on May 7, 2009, relating to IPCs 2009 annual meeting of shareholders; information
about Maxs directors and executive officers is available in the amendment to its annual report on Form 10-K, filed with the SEC on April 1, 2009.
Contacts:
Media
The Abernathy
MacGregor Group
Chuck Burgess, Mike Pascale or Allyson Morris
+1-212-371-5999
Investors
Innisfree M&A
Inc.
Arthur Crozier
+1-212-750-5833
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