On July 1, Wednesday, Flagstone Reinsurance Holdings Limited (FSR) offered to buy IPC Holdings Ltd. (IPCR), which Flagstone said is superior to the Validus (VR) offer.Flagstone has offered 2.638 of its common shares for each IPC common share plus $5.50 per share in cash, valuing IPCR at $33.62 per share. This results in a premium of 21.1% over IPCR's Wednesday closing price of $27.77. The Validus bid was 1.1234 of its shares plus $3.75 in cash, valuing IPCR at $28.86 a share. Following the announcement by Flagstone, Validus has "reaffirmed" its offer today.Last week, IPCR's Board had opposed the Validus offer, stating that it is at a discount to its book value. However, Validus refused to budge in economic terms, considering the offer to be "full and fair." IPCR had been negotiating with Validus ...