Fairfax Financial Holdings and
Allied World Assurance Company Holdings have announced a two-day extension to their merger offering period.
The exchange offer between the companies was originally scheduled to expire at 11:59pm on June 30. The deadline has been extended until 5pm on July 5 to give Fairfax time to purchase all of the issued and outstanding ordinary shares of Allied World.
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Continental Stock Transfer & Trust Company – the exchange agent for the offer – said that as of June 30, a total of 77,183,520 shares (which include 10,253,467 shares tendered by guaranteed delivery) had been tendered into and not properly withdrawn from the exchange offer, representing about 88.1% of the outstanding shares.
Any shareholders who have already tendered their shares do not have to re-tender or take further action as a result of the extension of the exchange offer.
Since receiving the tendered shares, Fairfax has spoken with an Allied World shareholder group representing over 3% of the outstanding shares that has indicated it will tender prior to the new deadline.
Fairfax announced it fully expects to have more than 90% of the shares tendered by the new deadline and to accept it all for payment this Thursday.
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