December 18, 2016
Torys is representing Fairfax Financial with a team led by David Chaikof and that includes Thomas Yeo, Robbie Leibel, Simonne Horwitz and Marissa Daniels (corporate/M&A) and John Tobin (tax).
On December 18, 2016, Fairfax Financial Holdings Limited ("Fairfax") and Allied World Assurance Company Holdings, AG ("Allied World") announced that they entered into a merger agreement, pursuant to which Fairfax will acquire all of the outstanding registered ordinary shares of Allied World. Under the terms of the agreement, Allied World shareholders would receive a combination of Fairfax subordinate voting shares and cash equal to US$54.00 per Allied World share, for a total equity value of approximately US$4.9 billion.
Closing of the transaction is currently expected to occur in the second quarter of 2017, subject to a sufficient number of the outstanding Allied World shares having been tendered in the offer, approval by Allied World shareholders and other customary closing conditions.
Fairfax is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
Allied World is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions.
Further information can be found on Fairfax’s website.