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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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.
Action: Bulletin

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Fairfax Financial Holdings Ltd.,Odyssey Re Holdings Corp.

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