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Odyssey Re Holding Corp. Share Price Surpassed the Fairfax Financial Holdings Offer Price

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guruek
Sep 10, 2009
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Fairfax Financial is the single largest holder of Odyssey Re, with more than 72% ownership. On September 4, FFH made an offer for the ORH shares that it did not already own at $60 per share in cash. Market responded very positive, too positively as a matter of fact. For the stock price has since surpassed the $60 offered price. Perhaps the investors are expecting FFH will raise its eventual offering?


Odyssey Re Holdings Corporation is a leading U.S.-based underwriter of reinsurance providing a full range of property and casualty products on a worldwide basis. Reinsurance is a form of insurance that indemnifies insurance companies for all or part of the loss they may incur under insurance contracts they have written. They operate through a global network of branch offices enabling them to construct a balanced portfolio of risks with the potential for superior returns. Odyssey Re Holdings Corp. has a market cap of $3.65 billion; its shares were traded at around $62.4 with a P/E ratio of 23 and P/S ratio of 1.2. The dividend yield of Odyssey Re Holdings Corp. stocks is 0.5%.


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Correction:


Fairfax Financial did not increase its holdings in Odyssey Re since 6/30/2009. The confusion was caused by an Aug. 14 13-F filing of Fairfax, which indicated that Fairfax owns about 37.8 million shares of Odyssey Re. Fairfax filed an amendment on Aug. 17 to correct the errors about Odyssey Re. GuruFocus missed that amendment, which resulted in this confusion.


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