| Sunday | ||||
BMO Capital analyst Tom… BMO Capital analyst Tom MacKinnon upgraded Fairfax Financial to Outperform from Market Perform with a price target of C$1,050, up from C$800. Traditionally Fairfax Financial's heavy reliance on investment gains to drive EPS/BVPS growth has given the firm pause. But going forward, BMO Capital sees EPS/BVPS growth driven by much more reliable sources which improves earnings visibility, and gives it more confidence in EPS/BVPS growth outlook. | ||||
| Over a week ago | ||||
Scotiabank analyst Phil… Scotiabank analyst Phil Hardie raised the firm's price target on Fairfax Financial to C$1,050 from C$995 and keeps an Outperform rating on the shares. | ||||
CIBC analyst Nik Priebe… CIBC analyst Nik Priebe raised the firm's price target on Fairfax Financial to C$1,050 from C$950 and keeps an Outperformer rating on the shares. | ||||
Amynta Group, Brit and… Amynta Group, Brit and Fairfax announced a strategic partnership in which Amynta will acquire Ambridge Group, the MGU operations of Brit, for $400 million and enter into a multi-year agreement for Brit to be a significant capacity partner to Ambridge. The transaction includes Ambridge in the U.S. and international units in the United Kingdom and Germany. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the second quarter of 2023. | ||||
| Over a month ago | ||||
Scotiabank analyst Phil… Scotiabank analyst Phil Hardie raised the firm's price target on Fairfax Financial to C$995 from C$910 and keeps an Outperform rating on the shares. | ||||
| Over a quarter ago | ||||
BMO Capital analyst Tom… BMO Capital analyst Tom MacKinnon raised the firm's price target on Fairfax Financial to C$800 from C$780 and keeps a Market Perform rating on the shares. | ||||
Atlas Corp. (ATCO) and… Atlas Corp. (ATCO) and Poseidon Acquisition Corp., an entity formed by certain affiliates of Fairfax Financial Holdings Limited (FRGHF), certain affiliates of the Washington Family, David Sokol, Chairman of the Board of Atlas, and Ocean Network Express, and certain of their respective affiliates announced they have entered into a definitive agreement under which Poseidon will acquire Atlas in an all-cash transaction for an enterprise value of approximately $10.9 billion. Under the terms of the agreement, Poseidon will acquire all outstanding common shares of Atlas not owned by Fairfax, Washington and Mr. Sokol for $15.50 per share in cash. Fairfax, Washington and Mr. Sokol currently own approximately 68% of the outstanding common shares. Atlas will continue payment of all ordinary course quarterly dividends regardless of the timing of any closing. The per share purchase price represents a 34% premium to Atlas' unaffected share price as of August 4, 2022, the last trading day prior to a publicly disclosed proposal from Poseidon to acquire Atlas. The transaction is expected to close in the first half of 2023, subject to approval by holders of a majority of Atlas common shares not owned by Poseidon and its affiliates and certain closing conditions, including receipt of regulatory approvals and third-party consents. Upon the closing of the transaction, Atlas common shares will cease trading on the New York Stock Exchange. Atlas preferred shares will continue trading on the NYSE under current terms. Following completion of the transaction, Washington and Fairfax will own a majority of the equity of Atlas. Mr. Chen will continue to serve as President and CEO of Atlas and will contribute his equity in Atlas to become an owner of the Company along with Poseidon. | ||||
Scotiabank analyst Phil… Scotiabank analyst Phil Hardie lowered the firm's price target on Fairfax Financial to C$910 from C$950 and keeps an Outperform rating on the shares. | ||||
RBC Capital analyst Mark… RBC Capital analyst Mark Dwelle lowered the firm's price target on Fairfax Financial to $700 from $725 but keeps an Outperform rating on the shares. The analyst is updating his FY22 earnings forecasts to ($11.79) from $15.21 to reflect his updated estimates for catastrophe losses related to Hurriance Ian, which he now sees to be around $500M vs. $300M prior view. Dwelle adds however that he remains positive on Fairfax's long-term track record of double-digit book value growth and believes that the current valuation provides an attractive risk-reward entry point. | ||||
Atlas Corp. (ATCO)… Atlas Corp. (ATCO) confirmed receipt of a "revised, non-binding proposal" from Poseidon Acquisition, an entity formed by certain affiliates of Fairfax Financial (FRFHF), certain affiliates of the Washington Family, David Sokol, Chairman of the Board of Atlas, and Ocean Network Express, and certain of their respective affiliates, to acquire all of the outstanding common shares of Atlas, other than common shares owned by Fairfax, Washington, and Sokol, for $15.50 cash per common share. Atlas notes that its special committee of independent directors and its advisors reviewed, evaluated and engaged directly with the consortium members and their advisors regarding Poseidon's unsolicited proposal dated August 4, including with respect to the factors referenced in the consortium's letter received September 26, and other factors the special committee considered important, such as the "substantial, long-term contracted cash flow" of the company's charter operations. The special committee "consistently" advised the consortium that it was not prepared to recommend the $14.45 per share proposal to shareholders as it did not reflect the standalone value of the company. Following receipt of the consortium's revised proposal, the special committee informed the consortium that, working with its advisors, it is evaluating the revised offer. | ||||
