Odyssey Re Holdings special committee to review Fairfax Financial bid

By Lisa Kerner

Charlotte, N.C., Sept. 8 - Fairfax Financial Holdings Ltd. made an unsolicited offer to acquire all of the outstanding shares of Odyssey Re Holdings Corp. common stock it does not already own for $60 per share in cash.

Odyssey said it recently appointed a special committee to review all Fairfax proposals after Fairfax said it wanted to pursue a potential acquisition.

Fairfax, which currently owns about 72.6% of Odyssey's outstanding shares of common stock, intends to issue new equity in a public offering to finance the proposal, an Odyssey news release said.

Sandler O'Neill & Partners, LP is advising Odyssey's special committee.

Odyssey, located in Stamford, Conn., provides property and casualty reinsurance products worldwide.

Fairfax is a Toronto-based property and casualty insurance and reinsurance company.

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