Fairfax Financial begins tender offer for Odyssey Re Holdings shares

By Lisa Kerner

Charlotte, N.C., Sept. 24 - Fairfax Financial Holdings Ltd. said it began a $65-per-share cash tender offer for the outstanding shares of common stock of Odyssey Re Holdings Corp. that it does not currently own.

The tender offer is set to end at midnight ET on Oct. 21 unless extended.

Odyssey Re agreed last week to be acquired by Fairfax in a deal valued at approximately $1 billion.

The dealer manager for the tender offer is Bank of America Merrill Lynch. Innisfree M&A Inc. is the information agent.

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

Fairfax is a Toronto-based provider of property and casualty insurance and reinsurance and investment management services.

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