Fairfax Financial Holdings Limited (TSX:FFH) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to 2,352,941 shares, representing 8.72% for $1,000 million worth of its outstanding shares. The shares will be tendered at a price of not less than $425 per share and not more than $500 per share.

The company intends to use the proceeds of the Odyssey Group Transaction and other available cash resources to fund the purchase of shares under the offer, however, the offer is not conditional upon closing of the Odyssey Group Transaction. All shares tendered at prices higher than the final purchase price will be returned to shareholders and the shares tendered at or below the selected price level will be bought at the purchase price. If the aggregate cost to purchase the tendered shares exceeds $1,000 million, the company will accept such shares on a pro-rata basis after giving effect to “odd lot” tenders, which will not be subject to pro-ration.

The bid will expire on December 23, 2021. As of November 17, 2021, the company had 26,986,170 shares in issue.