Toronto-based Fairfax Financial Holdings Limited said it will make a formal offer of $686 million Canadian ($556.5 million U.S. dollars at current exchange rate), or $39 Canadian per common share, to acquire the remaining outstanding common shares of commercial insurer Northbridge Financial Corp.

Fairfax, a financial services holding company, currently owns 63.1 percent of Toronto-headquartered Northbridge’s outstanding common shares. The firm said the price of $39 Canadian per Northbridge common share “represents a premium of approximately 28.9 percent over the Nov. 13 $30.25 Canadian closing price of Northbridge common shares on the Toronto Stock Exchange,” which was the day Fairfax approached Northbridge’s board of directors to consider the proposed transaction.

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