NU Online News Service, Nov. 1, 3:30 p.m. EDT
Toronto-based Fairfax Financial Holdings Limited has acquired specialty insurer First Mercury Financial Corp. in a transaction valued at approximately $294 million.
Under the deal, stockholders of Southfield, Mich-based First Mercury will receive $16.50 per share, which the companies said represents a premium of 45.2 percent to the closing price of First Mercury common stock on Oct. 28, when the deal was announced.
First Mercury's board of directors unanimously agreed to the deal and is recommending that stockholders vote in favor of the proposal.
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