Fairfax Increases Offer to Buy American Safety to $30.25 Per Share

Bermuda-based American Safety Insurance Holdings, Ltd. announced that Fairfax Financial Holdings Limited has increased its offer to purchase American Safety to $30.25 per share from the previously announced $29.25 per share.

American Safety said its board of directors “has approved an amendment to the Merger Agreement among American Safety, Fairfax and Fairfax Holdings Bermuda Ltd. reflecting the revised price and an increase in the termination fee to $13.4 million from $9.1 million. The transaction is subject to customary conditions, including approval of American Safety’s shareholders and regulatory approvals.

Source: American Safety