Fairfax closes $4.9bn Allied World acquisition
Canada-based Fairfax Financial Holdings said July 6 that it closed the acquisition of Switzerland-based Allied World Assurance Company Holdings.
As of July 5, when the share purchase offer expired, Fairfax had acquired a stake representing 96.1 percent of Allied World’s capital.
As part of the transaction, Allied World has declared a special cash dividend of $5.00 per share, without interest, to be paid out to all shareholders that tendered their shares as of the close of trading on July 5, 2017 and to those that did not tender their shares.
Fairfax intends, via its indirect Swiss subsidiary, to effect a squeeze-out merger whereby Allied World will be merged with Fairfax Switzerland. As a result, Fairfax Switzerland will be the surviving entity and thereafter renamed ‘Allied World Assurance Company Holdings, GmbH.’
Allied World will be delisted from the New York Stock Exchange and aims to subsequently deregister the shares.
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