Fairfax Proposes To Buy Odyssey at $60 Per Share!

[watsa_is_a_randian_hero]

very interesting, thanks for posting

 

I find it fascinating how the analysis relies on market prices so much (comps, % changes compared to market prices in different points in time, etc).  considering how FFH thinks about Mr. Market, that is how they were able (and willing) to pull this of at this juncture.  Fairness opinions are too mechanical, ideal for the Prem's of the world to take advantage in "friendly and Fair" way.

 

 

 

I work for an investment bank in chicago and have worked on and issued fairness opinions.  From that perspective, this deal was definitely fair for ORH.  First thing you would look at for a public company is its own price, is the deal higher, yes it was.  Second thing to look at would be its peers.  ORH's buyout price was way above where its peers were trading for.

 

Both boxes checked.  Prem was able to take advantage of the system.