Canada's Fairfax Financial Holdings offers to snap up Tower for $197m

Canada's Fairfax Financial Holdings offers to snap up Tower for $197m
Rebecca Howard
By Rebecca Howard Feb. 9 (BusinessDesk) - Canada's Fairfax Financial Holdings has offered to buy Tower for about $197 million, pushing the insurer's shares up 41 percent to $1.11 on the news.  The Canadian company has offered to pay $1.17 a share, a 48 percent premium from Wednesday's closing price.  The transaction has been unanimously approved by the Tower board and shareholders holding 18 percent of the company - Salt Funds Management and ACC - have entered into firm voting agreements in favour of the transaction.  “The acquisition...