Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Odyssey Re Holdings Corp. > News item |
Fairfax Financial completes $65-per-share tender offer for Odyssey Re
By Lisa Kerner
Charlotte, N.C., Oct. 22 - Fairfax Financial Holdings Ltd. said its wholly owned subsidiary has accepted for payment all of the shares of common stock of Odyssey Re Holdings Corp. tendered in the $65-per-offer that ended on Wednesday.
A total of 14,335,361 shares had been tendered, including 967,013 shares subject to guaranteed delivery.
The number of shares tendered represents approximately 89% of Odyssey Re outstanding shares not owned by Fairfax, according to a Fairfax news release.
Fairfax will own approximately 97% of the 58,450,127 outstanding shares of Odyssey Re once payment for the shares has been made.
In September, Odyssey Re announced it agreed to be acquired by Fairfax in a deal valued at approximately $1 billion.
Completion of the merger will be carried out via a short-form merger, and Odyssey Re's common stock will cease trading on the New York Stock Exchange.
"As previously announced, there will be no changes in Odyssey Re's strategic or operating philosophy," Fairfax chairman and chief executive officer Prem Watsa said in the release.
"Under the excellent leadership of Andy Barnard, president and CEO, Odyssey Re will continue to operate its business exactly as it has always been run."
Odyssey Re, located in Stamford, Conn., provides property and casualty reinsurance products.
Fairfax is a Toronto-based provider of property and casualty insurance and reinsurance and investment management services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.