Fairfax To Sell $1B In Shares To Take Over Reinsurer

Law360, New York (September 10, 2009, 7:20 PM EDT) -- Fairfax Financial Holdings Ltd. plans to sell $1 billion in company shares in order to pick up the remaining shares of reinsurer OdysseyRe Holdings Corp. that it does not already own.

Fairfax, which gave up a portion of its stake in OdysseyRe in 2001 to raise funds, said Sept. 8 that it will sell nearly 2.9 million shares for $347 each to enable it to finance the purchase of the rest of the Connecticut-based company.

OdysseyRe said it received the unsolicited proposal from Fairfax Sept. 4....
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