Canada-based insurer Fairfax Financial Holdings Ltd. has agreed to acquire Swiss peer Allied World Assurance Co. in a $ 4.9 billion cash-and-share deal.
Under the terms of the deal, Allied World’s AWH, +0.59% shareholders will receive a combination of cash and subordinate voting shares of Toronto-listed Fairfax FFH, +1.56% , amounting to $ 54 per share, the companies said in a joint statement Sunday. Half of the $ 10 per-share cash portion of the offer is to be paid in the form of a preclosing dividend by Allied World, the companies said.
The offer price represents an 18% premium to Allied World’s latest closing price of $ 45.77 Friday, they said. Allied World is listed on the New York Stock Exchange.
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