ICF reports investor's stock distribution

FAIRFAX, Va. - ICF International Inc., which provides consulting and technology services to government and commercial clients, reported Thursday that a major stakeholder has distributed some of its ICF common stock to its limited partners.

Also Thursday, Validus Holdings Ltd., a Bermuda-based reinsurance and insurance provider, reaffirmed its offer to buy the consultancy.

Under Validus' offer, IPC shareholders would receive $3.75 in cash and 1.1234 Validus voting common shares for each IPC common share they own. Validus estimates that the offer is worth $28.86 per share, based on Validus' closing price on July 1.

IPC shares closed at $27.80 on Wednesday.

In a statement, Valdius said it "remains strongly committed to our outstanding offer to acquire IPC, which we firmly believe represents a full and fair value for IPC shares."

Also Thursday, ICF said CM Equity Partners, a private equity firm that held about 30 percent of ICF's outstanding stock, has reported distributing 1.5 million ICF shares. ICF said the firm and its affiliates continue to own roughly 3.1 million shares, representing a 20.4 percent stake.

CM Equity Partners partnered with ICF's management team on its buyout in 1999. It also partnered with ICF to bring the company public in September 2006.

ICF said the firm has said its distribution is intended to provide the limited partners with additional liquidity.

ICF noted that the distribution will not affect the total number of its outstanding shares.

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