NU Online News Service, Feb.18, 11:48 a.m. EST
Toronto-based Fairfax Financial Holdings Limited will acquire workers' compensation insurer Zenith National Insurance Corp. in Woodland Hills, Calif., in a $1.4 billion cash deal, the two companies said.
Fairfax curently has an eight percent holding in the company. Under their agreement, after the purchase for $38 a share of the remaining 92 percent of the company, Zenith will continue to operate from its California headquarters and become a wholly owned Fairfax subsidiary.
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