TORONTO - Fairfax Financial Holdings Ltd. (TSX:FFH) announced Monday it has made a US$72-million bid for Polish reinsurer Polskie Towarzystwo Reasekuracji Spolka Akcyjna, valued at approximately 66 cents US per share.
Fairfax has received commitments to tender the offer from shareholders holding approximately 47 per cent of PTR's shares.
The offer is expected to close in the first quarter of 2009.
"We are excited about future prospects for the Central and Eastern European economies in which PTR is active," said Fairfax chairman and CEO Prem Watsa.
"This investment will increase Fairfax's exposure to the region and will provide a long-term platform for expansion."
Fairfax is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management.
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