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Article: Fairfax to Commence Tender Offer for Minority Stake in Odyssey Re for $65 per Share in Cash; ODYSSEY RE BOARD OF DIRECTORS UNANIMOUSLY RESOLVES TO RECOMMEND THAT MINORITY STOCKHOLDERS TENDER THEIR SHARES TO FAIRFAX'S OFFER.
- Article from:
- Marketwire Canada
- Article date:
- September 18, 2009
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NEW YORK, NEW YORK and TORONTO, ONTARIO, Sep 18, 2009 (Marketwire via COMTEX) -- (Note: All dollar amounts in this press release are expressed in U.S. dollars.)
Fairfax Financial Holdings Limited (TSX:FFH)(NYSE:FFH) and Odyssey Re Holdings Corp. (NYSE:ORH) announced today that they have signed a merger agreement pursuant to which Fairfax will, as soon as practicable, commence a tender offer to acquire all of the outstanding shares of common stock of Odyssey Re that Fairfax does not currently own for $65 in cash per share, representing total cash consideration of approximately $1.0 billion. The Board of Directors of Odyssey Re, following the recommendation of the ...