Fairfax Financial completes US$1 billion substantial issuer bid
Torys acted as counsel to Fairfax Financial with a team that included Robbie Leibel, Daniel Masliyah and Kirsten Hentschel (Canadian securities), Mile Kurta (U.S. securities), Thomas Yeo and Alisse Elliott (M&A), John Tobin and Benjamin Mann (Canadian tax) and David Mattingly (U.S. tax).
On December 29, 2021, Fairfax Financial Holdings Limited (“Fairfax”) announced the completion of its substantial issuer bid. Fairfax has taken up and paid for 2,000,000 subordinate voting shares at a purchase price of US$500 per share representing an aggregate purchase price of US$1 billion.
The shares purchased under the offer represent 7.01% of the total number of Fairfax’s issued and outstanding shares and multiple voting shares as of November 17, 2021, the date the offer was announced. At such date, Fairfax had 26,986,170 shares and 1,548,000 multiple voting shares issued and outstanding. After giving effect to the offer, Fairfax will have 24,986,170 shares and 1,548,000 multiple voting shares issued and outstanding.
The offer proceeded by way of a “modified Dutch auction”, which allowed shareholders to select the price, within the specified range, at which each shareholder was willing to sell all or a portion of their shares.
Further information can be found on Globe Newswire’s website.
Fairfax Financial is a financial services holding company that is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.