UPDATE 2-Validus sweetens hostile IPC bid to $1.72 bln

* Validus offers $30.67 per share

* Adds 75 cents per share to cash component of bid

* IPC off 3.4 pct, Validus up 1.1 pct (Rewrites, adds details, background, updates share price)

NEW YORK, June 8 (Reuters) - Validus Holdings Ltd (VR.N) sweetened its bid for IPC Holdings Ltd (IPCR.O) a second time to $1.72 bln, as it tries to wrest the Bermuda reinsurer away from a deal with rival Max Capital Group Ltd (MXGL.O).

Under the latest offer -- made just before a shareholder vote scheduled for Friday on the IPC-Max deal -- IPC shareholders will get 75 cents more in cash per share. They will now get $3.75 in cash and 1.1234 Validus shares for their stock.

The offer is valued at $30.67 per share, up from $29.91 per share earlier, based on Validus' closing price on Friday, and represents a 9.8 percent premium to IPC's closing price that day.

IPC's shares closed down 96 cents to $26.97 on Monday, below the offer price, reflecting the uncertainty of a successful Validus bid.

Last month, Validus increased its bid to $1.69 billion, based on stock prices then, after IPC rejected an initial unsolicited offer made in March. The IPC board, which already has a deal with Max, rejected that bid as well.

Earlier this month, Max and IPC sweetened their existing deal as well in a bid to fend off Validus' hostile overtures.