March 2: IPC Holdings Ltd. and Max Capital Group Ltd. announce they are set to merge and form Max Capital Group to be run by president and CEO Marston Becker
March 31: Validus Holdings Ltd. makes a hostile bid for IPC, offering $1.7 billion in stock or 1.2037 of its shares for each share of IPC.
April 7: IPC's board of directors reaffirms its commitment to the merger after considering Validus's rival offer.
April 8: Validus announces its intention to canvas IPC shareholders in a bid to persuade them to vote against the Max deal.
April 16: Validus convenes a special meeting of shareholders to try and win backing for its plan to take over IPC.
April 28: Validus files legal proceedings in the Supreme Court of Bermuda against IPC and Max that challenge the $50 million termination fee and "no-talk" provisions contained in the amalgamation plan.
May 3: IPC's board urges the company's shareholders to reject the hostile takeover attempt by Validus in favour of a merger with Max.
May 7: Decision day for shareholders on the planned merger of Max and IPC is set for June 12.
May 12: Validus launches its share exchange offer, which would see IPC shareholders receive 1.2037 Validus shares for each IPC share.
May 14: IPC and Max clear the regulatory hurdles needed to go ahead with their amalgamation on the same day that the Bermuda Supreme Court turns down Validus' request for an expedited trial after the reinsurer filed a lawsuit against IPC and Max, challenging the $50 million termination fee and "no-talk" provision contained in their merger agreement
May 18: Validus makes a new offer to IPC shareholders of $30.14 per share, including $3 of cash and 1.1234 Validus shares for each IPC share, only for it to be turned down by IPC's board three days later.
May 31: The Bermuda Supreme Court dismisses Validus's application to convene a meeting of IPC shareholders in connection with its attempted hostile takeover of the company
June 2: IPC shareholders are recommended to vote in favour of the company's amalgamation with Max by two proxy advisory firms - Glass Lewis & Co. and Proxy Governance Inc. A day later RiskMetrics Group recommends they vote against the merger.
June 4: IPC shareholders are offered a cash enticement of $2.50 per share to vote in favour of the planned deal with Max.
June 8: Validus ups the ante in the race to acquire IPC by increasing its offer to IPC shareholders by 75 cents to $3.75 in cash for each IPC common share, as well as 1.1234 Validus voting common shares.
