You have been hired as an outside consultant by a board member of IPC to help with assisting the company strategy in light of a potential merger with Max Capital and a potential hostile by Validus Holdings.

Since your sponsor wants to keep this analysis ocnfidential you will be restricted to public information on the companies and the deal. you will be re quired to develop a summary analysis citing your sources and addressing the following questions:

1. Which suitor would make a better match for IPC and why?

2. Considering their fiduciary responsibilities as a board should they be considering either ofthese mergers – why?

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