Fairfax Gets OK For $1B Odyssey Re Acquisition

Law360, New York (September 21, 2009, 1:05 PM EDT) -- Fairfax Financial Holdings Ltd. has won approval from Odyssey Re Holdings Corp. to acquire all of the reinsurance business' outstanding shares of common stock by purchasing them from minority shareholders for a total of $1 billion.

The special committee Odyssey Re assembled to review the offer “has unanimously resolved to recommend that Odyssey Re’s minority stockholders tender their shares in the Fairfax offer,” the companies said in documents filed with the U.S. Securities and Exchange Commission on Friday.

Fairfax, a Canadian financial services company, is now...
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