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
Mar. 4, 2014, 1:07 PM
- Wilbur Ross and Fairfax Financial (FRFHF) paid about €0.10 per share when they acquired about an 18% stake in Bank of Ireland (IRE -6.6%) in 2011 to help prevent the lender's nationalization. Not unexpected given strong demand for the stock, today's sale whittles their holdings down to about 12%. The two have more than tripled their money with the investment.
- The Irish government continues to hold a 14% stake in the bank and there will no doubt be heightened interest in an offering of these shares.
Sep. 10, 2013, 8:21 AM
- Fairfax Financial (FRFHF.PK) is having a tough sell as it courts Canada's pension funds to join it in a buyout of BlackBerry (BBRY), reports The Globe and Mail. "Sources say none of the big funds have jumped on board with the idea, amid growing skepticism about the company’s ability to turn around falling sales."
- Farifax itself is debating whether to buy the entire company or unload its 9.9% stake, and would prefer finding another tech industry player to buy BlackBerry, say sources, but "the company’s loss of market share to bigger and more nimble competitors such as Apple has dampened potential acquisition interest."
- BBRY -3.1% premarket.
Jan. 27, 2012, 9:47 AMCanada's Warren Buffett, Prem Watsa of Fairfax Financial (FRFHF.PK), has taken a large stake in troubled Canadian company Research in Motion (RIMM +2.6%). Watsa is known for betting against financial firms (and making billions) ahead of the financial meltdown and taking Fairfax from $4/share in the mid-1980s it to more than $400/share today. (submitted by Devon Shire) | 4 Comments
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