Shares of Fairfax Financial Holdings(FFH Quote)rose Friday after the Toronto-based financial services holding company began an underwritten public offering to sell 9 million shares of Odyssey Re Holdings'(ORH Quote) common stock.
Fairfax, which will continue to own a majority of the shares of Odyssey Re after the offering, said it intends to use the proceeds from the proposed offering for general corporate purposes. That could include repurchases of its outstanding debt or shares, the company said. Odyssey Re won't receive any proceeds from the sale of the shares. Shares of Fairfax were trading up $2.41, or 1.3%, to $187.56. Odyssey Re gained a penny to $38.20.
Equity Office Properties Trust(EOP Quote) gained after the Chicago-based real estate investment trust was upgraded by UBS to neutral from reduce. Earlier this week, Equity Office agreed to be purchased by an affiliate of private-equity firm The Blackstone Group for $48.50 per share in a deal valued at $36 billion. Shares rose 15 cents to $48.73 Friday. ...
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