Prime Restaurants Inc. to receive superior offer from Fairfax Financial

[ourkid8]

http://finance.yahoo.com/news/Prime-Restaurants-Inc-ccn-4078176496.html?x=0&l=1

 

-Fairfax offer of $71 million which is equivalent to $7.75/share in cash (7.50 /share in cash from Fairfax + .25 /share in a special dividend which may or may not be paid)

 

 

 

[Parsad]

Notch up another company in the Fairfax portfolio if it goes through.  First William Ashley...now Prime!  For anyone going to the Fairfax AGM, you will now have to go to Biermarket and have their fantastic mussels.  Support the company!  Looks like we will see a couple more new CEO's at the AGM and possibly our dinner this year.  Cheers!

[nwoodman]

Globe and Mail coverage

 

http://www.theglobeandmail.com/globe-investor/fairfax-tops-caras-bid-for-prime-restaurants/article2243286/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Home&utm_content=2243286

[link01]

just noticed that we now have 3 inurance holding co's that have decided to take a page from bufftett & brk's playbook & are actively seeking to buy non insurance co's: ffh, mkl, & y

[finetrader]

My guess is that Prem is realizing that insurance companies in this low interest rate environment are not so good business and that this environment could be here for a long time.

[nwoodman]

Next sub?

 

http://www.marketwire.com/press-release/fairfax-announces-acquisition-of-additional-common-shares-of-mega-brands-inc-tsx-ffh-1589734.htm

[leftcoast]

Cara threatens legal action if Prime agrees to Fairfax bid:

 

http://www.proactiveinvestors.com/companies/news/21593/prime-restaurants-says-cara-may-take-legal-action-if-agrees-to-fairfax-bid-21593.html

[Parsad]

In other words, Cara is not going to match the offer from Fairfax.  They will settle for some piddly amount instead.  Happens all the time.  Cheers!

[nwoodman]

 

"Prime Restaurants (TSE:EAT) said Friday it will seek the advice of the Superior Court of Justice in Ontario, as to whether or not the take-over bid it received from Fairfax Financial (TSE:FFH) is superior to that of Cara Operations"

 

http://www.proactiveinvestors.com/companies/news/21635/prime-restaurants-seeks-advice-of-superior-court-in-cara-fairfax-tussle-21635.html

[Ballinvarosig Investors]

Support the company!

I have actually eaten at Fionn MacCool's and it was terrible, even for "pub grub". As bad as that was, the horrific pint of Guinness I had was even worse! Parsad, you've got a direct line to the top; if Prem is looking for a man to do some quality control on their Guinness, PM me 8)

[Zorrofan]

may be a done deal.....

 

http://www.theglobeandmail.com/globe-investor/prime-settles-dispute-with-cara-signs-fairfax-takeover-deal/article2252011/

 

cheers

Zorro

[Parsad]

Yup, as I said, they settled for some piddly amount.  They just wanted their pound of flesh because they got outbid. 

 

Two entire non-insurance businesses now within Fairfax.  Keep them coming Prem!  We'll have plenty of questions at the dinner and AGM.  ;D  Cheers!