Bermudian Insurer ACE Ltd worth and estimated $511 million, writes Mairi Mallon .

The special shareholders meeting will be held at 10 a.m. at the Company's office, 1325 Avenue of the Americas, 18th Floor in New York.

In the cash and stock deal ACE have said they will pay $16.2375 per ordinary share.

If accepted, the deal will end what turned out to be an epic battle for the relative minnow of Capital Re between ACE and its rival XL Capital.

The battle stopped the free-fall in Capital Re shares and with every dramatic turn the company's share price has been hiked up even further.

The terms of the deal call for Cap Re shareholders to swap each of their shares for 0.65 shares of ACE plus $3.4456 in cash to bring the value of the bid up to $14 a share. ACE will issue approximately 20.8 million ordinary shares and pay approximately 110.3 million in the transaction.