Toronto's Fairfax Financial Holdings says it is in line to buy specialty insurer American Safety Insurance Holdings for about $306 million.
“We expect to enhance our insurance operations in certain specialty lines of business with American Safety's expertise,” says Fairfax CEO Prem Watsa, in a statement.
American Safety's board of directors has unanimously approved the merger agreement and is recommending stockholders—who are in line to get $29.95 per share in cash—do the same.
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