Mon, Oct. 26, 10:54 AM
- APR Energy (OTCPK:APRYF) agrees to be acquired by a consortium that includes its largest shareholder, Fairfax Financial Holdings (OTCPK:FRFHF), in a deal valuing the power plant supplier at ~£165M ($253M).
- APR says GE, which owns ~16.4% of the company's issued share capital through a subsidiary, has agreed to the offer, as have APR's directors.
- APR shares have jumped ~88% since Oct. 2, the last trading day before APR said it was in talks with the consortium.
Mon, Oct. 5, 10:45 AM
- Power systems builder APR Energy (OTCPK:APRYF) is up more than 70% in London after saying it is in talks to be bought out by a consortium led by Fairfax Financial Holdings (OTCPK:FRFHF).
- Fairfax already held an 18.3% stake in APR as of March 18; other members of the consortium include ACON Investments and Albright Capital Management.
- APR's focus on emerging markets has left it exposed to conflict and political tension, and in the past year has suspended contracts in Libya and Yemen due to fighting there.
Tue, Feb. 17, 2:19 AM
- Fairfax Financial (OTCQB:FRFHF) said it has struck a deal to acquire U.K. specialty insurer Brit PLC for $1.88B, and has secured irrevocable agreements to acquire about 73% of Brit’s outstanding float.
- Under the terms of the deal, Fairfax is offering 305 pence in cash per Brit share — an 11.2% premium over the stock’s Monday closing price.
- FRFHF -0.2% AH
Nov. 4, 2013, 5:00 AM
- Fairfax Financial Holdings (FRFHF) has until 5 pm today to firm up the preliminary $4.7B bid for BlackBerry (BBRY) that the Toronto-based firm made six weeks ago.
- The deadline comes amid reports that Fairfax, which is BlackBerry's largest shareholder with a 9.9% stake, has struggled to secure financing for the deal, while it is also yet to name partners.
- Other bids could come in by the deadline, although it could be extended. Those who are reportedly interested in the beleaguered cell-phone maker include a group that could eventually be comprised of the company's founders, Qualcomm (QCOM) and Cerberus.
Aug. 19, 2013, 3:36 PM
- Prem Watsa's Fairfax Financial Holdings (FRFHF.PK +0.6%) agrees to sell American Safety Reinsurance to Catalina Holdings Bermuda for undisclosed terms.
- Fairfax is getting the reinsurance unit as part of its purchase of American Safety Insurance. Catalina had also bid for the company, but has agreed to vote its shares for Fairfax as part of the reinsurance deal.
Aug. 13, 2013, 2:18 AM
- Alberta Investment Management would think about investing in BlackBerry (BBRY) if the company were to go private.
- It's early days," AIMCo CEO Leo De Bever said. "No one has approached us with anything that is baked.
- AIMCo's public interest adds to that of the Canada Pension Plan Investment Board, as well as to a report that Prem Watsa's Fairfax Financial (FRFHF.PK) is is "exploring ways" to take the company private. Watsa resigned from BlackBerry's board after it formed a special committee to explore strategic alternatives, including a sale. Fairfax is BlackBerry's largest shareholder.
- More on BlackBerry
Aug. 12, 2013, 8:22 AM
- Included in the BlackBerry strategic alternative news is Fairfax Financial's (FRFHF.PK) Prem Watsa resigning from the board to avoid a conflict of interest.
- Leading the special committee will be TPG Capital Senior Partner Timothy Dattels.
- The combination suggests some sort of going-private bid by Fairfax, perhaps partnering with the Canadian Pension Plan.
- BBRY is set to resume trading at 8:30 ET.
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