Fairfax Financial Increases Offer to Buy American Safety Insurance Holdings, Ltd. to $30.25 Per Share
August 07 2013 - 4:31PM
Business Wire
American Safety Insurance Holdings, Ltd. (NYSE: ASI) today
announced that Fairfax Financial Holdings Limited (TSX: FFH and
FFH.U) has increased its offer to purchase American Safety to
$30.25 per share from the previously announced $29.25 per
share.
The board of directors of American Safety has approved an
amendment to the Merger Agreement among American Safety, Fairfax
and Fairfax Holdings Bermuda Ltd. reflecting the revised price and
an increase in the termination fee to $13.4 million from $9.1
million. The transaction is subject to customary conditions,
including approval of American Safety's shareholders and regulatory
approvals.
About Us:
For 25 years, American Safety Insurance Holdings, Ltd.
(NYSE:ASI), a Bermuda holding company, has offered innovative
solutions outside the U.S. in the reinsurance and alternative risk
markets through its subsidiaries, American Safety Reinsurance,
Ltd., and American Safety Assurance, Ltd., and in the U.S. for
specialty risks and alternative risk markets through its program
administrator, American Safety Insurance Services, Inc., and
insurance company subsidiaries and affiliates, American Safety
Casualty Insurance Company, American Safety Indemnity Company, and
American Safety Risk Retention Group, Inc. As a group, ASI’s
insurance subsidiaries and affiliates are rated “A” (Excellent) IX
by A.M. Best. For additional information, please visit
www.asih.bm.
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