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Fairfax Financial Holdings Ltd
Symbol FFH
Shares Issued 27,803,704
Close 2017-07-21 C$ 563.00
Market Cap C$ 15,653,485,352
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Globe says Fairfax weighs in on Tembec takeover vote

2017-07-24 06:57 ET - In the News

Also In the News (C-TMB) Tembec Inc (2)

The Globe and Mail reports in its Saturday edition that Fairfax Financial Holdings says its intentions have been misunderstood by Oaktree Capital Management. The Globe's Jacqueline Nelson and Nicolas Van Praet write that Oaktree is Tembec's largest shareholder. It is seeking a better price than what Rayonier Advanced Materials offered in May. It has been gathering opponents to kill the deal. Oaktree says Tembec is selling itself to an opportunistic buyer at a price that is unfair to shareholders without having conducted a disciplined sales process. It has also zeroed in on Fairfax, saying it should not get a say in this week's vote on the transaction because it has sold down its position since the merger was announced. Fairfax says is has no intention to vote on shares that it no longer owns. The conflict stems from disclosure made when Rayonier and Tembec announced their merger and said Fairfax, then Tembec's largest shareholder, supported the deal. Over the subsequent three weeks, Fairfax sold off its interest in Tembec. Oaktree seized on this exit, saying that Tembec and Rayonier potentially misled investors into thinking Fairfax believed in the long-term value of the deal.

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