Bermuda reinsurer Validus Holdings Ltd. is to convene a special meeting of shareholders to try and win backing for its plan to take over fellow Island company IPC Holdings Ltd.

Validus announced yesterday that it has filed proxy materials with the US regulator, the Securities and Exchange Commission, in connection with the company's $1.68 billion, all-share offer to take over IPC.

A special meeting of shareholders will be held, on a date yet to be announced, as Validus seeks approval to issue the extra common shares needed in connection with the IPC offer.

The IPC board of directors last week rejected the Validus offer and opted to stick with an agreement announced in early March to merge with Max Capital Group Ltd., another Bermuda company.

Validus chairman and chief executive officer Ed Noonan is still hoping to persuade IPC shareholders to vote against the Max deal.

"Despite being prevented from talking to IPC under the highly restrictive terms of its agreement to be taken over by Max Capital, we are committed to taking the necessary steps to complete our transaction with IPC, including securing approval from our shareholders for the issuance of shares to complete the combination," Mr. Noonan said.