NU Online News Service, Sept. 8, 3:04 p.m. EDT

Toronto-based Fairfax Financial Holdings Limited is making a bid of approximately $960 million to acquire a minority stake in Stamford, Conn.-based Odyssey Re.

Under the transaction, Fairfax said it would acquire all of the outstanding shares of common stock of Odyssey Re Holdings Corp. that it does not currently own for $60 per share in cash. Fairfax noted that it currently owns 72.6 percent of shares of common stock of Odyssey Re, and the current proposal would be for the remaining 27.4 percent.

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