What would Max do?

May 8, 2009

Bermuda firms Max Capital Group and IPC Holdings are trying to fend off a hostile bid from rival Validus Holdings in what has turned into a very public battle on a small island involving litigation, proxy solicitations, and, indeed, volleys of press releases. 

As a shareholder meeting is set for next month to vote on the IPC-Max deal, Max CEO Marston Becker and IPC Chairman Kenneth Hammond sat down with Reuters to explain their position. 

An interview is in the works. But meanwhile, here is what we could not get an answer for – and not for lack of trying – during the interview in Manhattan: What would Max do if shareholders turn down the deal next month? 

Reporter: If shareholders vote down this deal then what will you do? Will you come back with a new offer? Or will you look at other M&A opportunities? 

Becker: We have a great offer on the table right now. And it is the superior offer in terms of value being presented. And we are highly confident that this is going to work out well.

Reporter: That doesn’t answer my question, though. (laughter)

Becker: That’s all you are going to get. (even more laughter)

Hammond: (amid the laughter) That answers your question.

It does. Sort of.

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