Newspaper article The Canadian Press

Fairfax Lines Up US$1 Billion from Ontario Pension Fund for Allied World Deal

Newspaper article The Canadian Press

Fairfax Lines Up US$1 Billion from Ontario Pension Fund for Allied World Deal

Article excerpt

OMERS to invest US$1 billion in Fairfax deal

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TORONTO - Ontario pension fund manager OMERS will invest US$1 billion in support of a takeover of the Allied World Assurance by Fairfax Financial Holdings Ltd. (TSX:FFH) announced late last year.

OMERS and Fairfax said Friday the pension fund manager has agreed to indirectly acquire a roughly 21 per stake in Allied World, subject to certain regulatory approvals.

Fairfax said it's also in discussions with several other parties about participating in the Allied World investment.

Toronto-based Fairfax -- which owns a variety of property and casualty insurers, among other things -- announced an agreement last month to acquire the Swiss insurer for US$4.9 billion in cash and stock.

Under the deal, Allied World shareholders will receive US$54 per share from Fairfax in a combination of cash and shares plus a $5 cash dividend from Allied World. …

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