Newspaper article The Canadian Press

Fairfax Sees Allied World as Good Fit Worth US$4.9 Billion in Stock, Cash

Newspaper article The Canadian Press

Fairfax Sees Allied World as Good Fit Worth US$4.9 Billion in Stock, Cash

Article excerpt

Fairfax sees Allied World as good fit

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TORONTO - Fairfax Financial Holdings Ltd. (TSX:FFH) says the reach and financial strength of its insurance business will be extended through its proposed acquisition of Allied World Assurance in a deal valued at US$4.9 billion in stock and cash.

Fairfax chairman and CEO Prem Watsa told analysts Monday he views Allied World as "the largest and the best company Fairfax has purchased over 31 years."

"We think it will be very attractive, long-term, for our shareholders and as well as (Allied World) shareholders that we hope will become our new shareholders," Watsa said.

The deal represented an 18 per cent premium for Allied World (Nasdaq:AWH) based on Friday closing prices for the two companies' stock when the deal was announced Sunday. …

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