Fairfax Financial Holdings Ltd. (FFH,FFH.TO) said its wholly-owned unit has accepted for payment all of the common shares of Odyssey Re Holdings Corp. (ORH) validly tendered in response to the prior announced tender offer for all the outstanding shares not already owned by Fairfax. The company also added that the payment for such shares will be made promptly in accordance with the terms of the offer.
The company noted that the tendered Shares represent about 89% of the outstanding shares not owned by Fairfax and satisfies the non-waivable majority of minority condition to the tender offer. Stockholders who have tendered their shares will promptly receive $65.00 per share, the company stated. Upon purchase of the tendered shares, Fairfax will own about 97% of the 58.45 million outstanding shares.
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