Fairfax currently owns approximately 72.6% of all outstanding shares of common stock of OdysseyRe
Odyssey Re Holdings has received an unsolicited proposal from Fairfax Financial Holdings to acquire all of the outstanding shares of common stock of OdysseyRe, that it does not currently own, for $60 per share in cash.
The board had appointed a committee composed of independent directors to review and consider any and all Fairfax proposals. The special committee has engaged Simpson Thacher & Bartlett as its independent legal counsel and Sandler O’Neill & Partners, as its independent financial advisor to assist it with its review and evaluation of the proposal, said the company.
Fairfax currently owns approximately 72.6% of all outstanding shares of common stock of OdysseyRe. Fairfax publicized on September 4, 2009 its proposal and its intention to issue new equity in a public offering to finance the proposal.