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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tellworth British Recovery & Growth Trust plc | LSE:BRIT | London | Ordinary Share | Ordinary Shares |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 280.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jul 2019 to Jul 2024
By Rita Trichur
Canadian insurance giant Fairfax Financial Holdings Ltd. said late Monday that it has struck a deal to acquire U.K. specialty insurer Brit PLC in a transaction worth $1.88 billion.
Toronto-based Fairfax said it plans to purchase all of Brit's shares outstanding. Under the terms of the deal, Fairfax is offering 305 pence in cash per Brit share--an 11.2% premium over the stock's Monday closing price.
Fairfax, which expects the acquisition to add to its gross revenue a share and investments a share, said it has secured irrevocable agreements to acquire about 73% of Brit's outstanding float.
"Brit has an outstanding track record over the last 10 years and will continue to operate on a decentralized basis once owned by Fairfax," Fairfax Chairman and Chief Executive Prem Watsa said in a statement.
"With the acquisition of Brit, Fairfax will have a significant top five position at Lloyd's of London," he added.
Write to Rita Trichur at rita.trichur@wsj.com
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