Fairfax Scoops Up Zenith National For $1.4B

Law360, New York (February 18, 2010, 12:39 PM EST) -- Fairfax Financial Holdings Ltd. said Thursday it is set to snap up Zenith National Insurance Corp. for $1.4 billion in a deal that would see the workers' compensation insurer's stockholders receive $38 per share.

Toronto-based Fairfax said the deal, expected to close in the second quarter of 2010, represents a premium of more than 31 percent over Wednesday's per-share price of Zenith National's common stock.

The announcement touched off a big jump in Zenith National's share price on the New York Stock Exchange, where the insurer's...
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