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Validus Holdings offering depositary shares

Validus Holdings Ltd. is beginning a public offering of depositary shares that represent partial shares of noncumulative preference stock.

Each depositary share represents a 1/1,000th interest in one series B preference share, 17.5 cents par value and $25,000 liquidation preference.

The offering's underwriters are expected to be granted a 30-day option to buy additional depositary shares to cover any overallotments.

Merrill Lynch Pierce Fenner & Smith Inc. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.