BOULDER, Colo., Sept. 11, 2009 (GLOBE NEWSWIRE) -- The Shuman Law Firm today announced that an investigation of the officers and directors of Odyssey Re Holdings Corp. ("Odyssey Re") (NYSE:ORH) has been commenced by multiple law firms.
The investigations focus on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Odyssey Re arising out of their attempt to sell Odyssey Re to Fairfax Financial Holdings Ltd. ("Fairfax") (NYSE:FFH). Odyssey Re announced on September 8, 2009 that it had received an unsolicited proposal from Fairfax to acquire all of the outstanding shares of common stock of Odyssey Re that it does not currently own for $60 per share in cash. Odyssey Re announced that Fairfax currently owns approximately 72.6% of all outstanding shares of common stock of Odyssey Re.
According to one law firm's press release, "the transaction appears to be unfair" to current investors of Odyssey Re because the "offer to purchase Odyssey Re Holdings at $60 per share appears opportunistically timed to take advantage of the current economic downturn." Another press release "concerns whether the consideration to be paid to ORH shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of ORH" and "whether the directors of ORH, including any special committee members, may have breached their fiduciary duties by not acting in ORH shareholders' best interests in connection with the sale process of ORH."
If you currently own Odyssey Re common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.