Reinsurance company IPC Holdings Ltd said on Tuesday that it has held talks with suitor Validus Holdings Ltd but has also solicited takeover interest from other companies.
IPC, which has launched a search for a new chief executive, said it continues to recommend against the Validus offer due to the price. The two companies have held in-person discussions, but Validus is not willing to raise its $1.72 billion bid, IPC said.
Earlier this month, IPC shareholders rejected a deal with rival insurance company Max Capital Group Ltd. Validus made a competing offer for IPC in March and had worked for months to thwart the IPC-Max deal.
Validus, which has raised its bid from its initial overture in March, said it believes its current offer was full and fair and it would not revise the price again.
IPC shares were up 0.6 percent at $26.67 in early trading, while Validus rose 2.7 percent to $21.49.
(Reporting by Jessica Hall; editing by John Wallace and Lisa Von Ahn)