09:41 AM EST - Fairfax Financial Holdings Ltd. : Confirmed that it has signed a merger agreement with Odyssey Re Holdings Corp., pursuant to which Fairfax will, as soon as practicable, commence a tender offer to acquire all of the outstanding shares of common stock of Odyssey Re that Fairfax does not currently own for $65 in cash per share, representing total cash consideration of about $1. billion. The Board of Directors of Odyssey Re, following the recommendation of the Special Committee of Independent Directors of its Board formed to review Fairfax's proposal, has unanimously resolved to recommend that Odyssey Re's minority stockholders tender their shares in the Fairfax offer. Marshfield Associates, Inc., which currently has management and control over approximately 2.7 million shares representing the largest block held by Odyssey Re's minority stockholders, has agreed to tender the shares over which it has control to Fairfax's $65 per share offer. Fairfax Financial Holdings Ltd.
shares T.FFH are trading even at $398.00.
