On a big day for Bermuda business, IPC Holdings Ltd. shareholders yesterday rejected a planned merger with Max Capital.

And Butterfield Bank stopped taking applications for its $200 million preference share offering. IPC's board said, after around 72 percent of its shareholders rejected the merger deal at the reinsurer's annual general meeting, that it will now consider Validus Holdings Ltd.'s $1.7 billion cash-and-shares takeover offer.

Meanwhile Butterfield Bank confirmed that investors in its preference share issuance would get a return of exactly eight percent. Just nine days after application forms appeared, the bank said no further applications were being accepted.

See Tuesday's Business section for more