Canada's Fairfax to buy Brit Plc for about $1.88 bln

Mon Feb 16, 2015 9:53pm EST
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Feb 16 (Reuters) - Canada's Fairfax Financial Holdings Ltd said it would buy Brit Plc, a specialty insurer and reinsurer, for about $1.88 billion to have a significant presence at Lloyd's of London.

Brit shareholders will receive 305 pence in cash per share, including any final dividend for the year ended Dec. 31.

The offer represents a premium of 11.2 percent to Brit's closing price on Feb. 16.

Fairfax Financial said it has received hard irrevocable undertakings to accept the offer from entities managed by Apollo Global and CVC Capital Partners, which together hold about 73 percent of Brit's issued share capital. (Reporting by Supriya Kurane in Bengaluru; Editing by Gopakumar Warrier)