Fairfax Begins Tender Offer For Odyssey Re

TORONTO, Canada (AP) — Fairfax Financial Holdings Ltd. said Thursday it has started a tender offer the buy the shares of Odyssey Re that it does not already own.

The offer is for $65 per share in cash.

Fairfax, a Canadian holding company that owns insurance companies and investment managers, announced the deal with Odyssey Re on Sept. 18. Odyssey Re's board has approved it.

Stamford, Conn.-based Odyssey Re sells property and casualty reinsurance products from offices around the world.

The offer deadline is midnight EDT on Oct. 21. Once the tender offer is completed, Fairfax intends to offer to buy any shares that were not tendered at the same price per share.

Fairfax shares fell $6.67 to $367.33 in afternoon trading.