Bulletin: Fairfax Financial Holdings Ltd. Ratings Unaffected By Plan To Acquire Remainder Of Odyssey Re
- ID: 1782480
- September 2009
- Standard & Poors
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Research type: News
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SAN FRANCISCO (Standard & Poor's) Sept. 8, 2009--Standard & Poor's Ratings Services today commented on Toronto-based Fairfax Financial Holdings Ltd. (TSX and NYSE:FFH; BBB-/Stable/--). Fairfax announced on Sept. 4, 2009, that it has proposed to acquire all of the outstanding shares of Odyssey Re Holdings Corp. (NYSE:ORH; BBB-/Stable/--) that it does not own for $60/share in cash. Fairfax currently owns 72.6% of all outstanding shares. It intends to issue new common equity, which it would use to fully fund the acquisition of Odyssey Re shares while maintaining at least $1 billion in excess cash and marketable securities at the parent company. Standard & Poor's does not anticipate any rating changes for Fairfax or Odyssey Re Holdings Ltd. if the proposed...
Companies mentioned in this report are: Fairfax Financial Holdings Ltd.,Odyssey Re Holdings Corp.