Allied World Assurance Company Holdings has revealed that its shareholders have approved two proposals surrounding its previously announced merger deal with Canadian firm Fairfax Financial Holdings, bringing the transaction closer to completion.
Earlier in March Fairfax exercised its option to increase the cash consideration element of the acquisition by $18 per ordinary share and, including a $5 special dividend increases the total cash consideration of the $4.9 billion deal to $28 per share.
The $5 special dividend and purchase of all the company’s outstanding ordinary shares has been approved by Allied World Shareholders. As has the amendment of the firm’s Articles of Association to remove the limitation on the voting rights of a holder of 10% or more of the company’s ordinary shares, explains Allied World.
Commenting on the recent approvals, Scott Carmilani, President and Chief Executive Officer (CEO), Allied World, said; “We are pleased with the overwhelming support we received today from our shareholders. With today’s vote, we move one step closer to completing the transaction with Fairfax, to the benefit of our shareholders, customers, business partners and employees.”