Fairfax Financial Holdings Ltd. (FFH) said it commenced, through a wholly owned subsidiary, the previously announced tender offer for all of the outstanding shares of common stock of Odyssey Re Holdings Corp. (ORH) that Fairfax does not currently own for $65 in cash per share. The offer and withdrawal rights are scheduled to expire on October 21, 2009. In addition to customary conditions, the offer is irrevocably subject to there having been validly tendered and not withdrawn a majority of the outstanding Odyssey Re shares that are held by stockholders that are not affiliated with Odyssey Re. The offer is not subject to a financing condition.
Promptly after the tender offer is completed, Fairfax intends to consummate a second-step merger pursuant to which non-tendering holders of Odyssey Re common stock would be entitled to receive the price per share paid by Fairfax in the offer.
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