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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (116031)	12/29/2021 8:16:47 AM
From: Goose94	Read Replies (2) of 202691

Fairfax Financial Holdings (FFH-T) DOOZY bought back $1-billion of its own stock at a premium price on Christmas Eve, after selling an interest in a subsidiary for $900-million to institutional investors OMERS and the Canada Pension Plan Investment Board (all figures U.S.). Fairfax announced plans in November to buy back up to 8.7 per cent of its own stock at a price of between $425 and $500 for each subordinated voting share. At the same time, Fairfax said it sold a 9.9-per-cent interest in its Odyssey Group Holdings to CPPIB and OMERS. Fairfax is the latest of several Canadian financial services companies to launch significant share buybacks as regulators ease capital restrictions imposed during the pandemic and allow banks and insurers to deploy their cash as they see fit. Fairfax set the purchase price on its buyback last Friday using a "modified Dutch auction," which allows shareholders to select the prices at which they are willing to tender their stock. The auction was "modestly oversubscribed," according to Scotiabank analyst Phil Hardie.

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