On June 15th I posted my quick idea on IPC Holdings (IPCR) in which I listed a number of reasons that the broken deal with Max Capital provided an opportunity to buy into the stock at a very attractive valuation. I guess Warren Buffett must have read my report.
Via Bloomberg:
"Warren Buffett’s Berkshire Hathaway Inc. offered $1.7 billion in cash to buy Bermuda-based reinsurer IPC Holdings Ltd. earlier this month, said two people with knowledge of the bid.
Berkshire is the “Party M” named in a regulatory filing today as making a July 1 bid, according to the people, who asked not to be identified because the offer wasn’t public. The bid was rejected in favor of a lower stock-and-cash offer from Validus Holdings Ltd. because Party M demanded IPC not pay a third-quarter dividend, the filing said. Party M is called “a global insurance and reinsurance company” in the document."