American Safety To Vote For Fairfax Offer Of $30.25 As Catalina Withdraws Offer

(RTTNews) - American Safety Insurance Holdings, Ltd. (ASI) Monday said it reaffirmed of the adoption and approval of the amended merger agreement with Fairfax Financial Holdings Ltd (FRFHF.PK, FFH.TO) and recommended shareholders to vote "For" Fairfax's Proposal at a Price of $30.25 per share. On Sunday, American Safety was informed by Fairfax and Catalina Holdings (Bermuda) Ltd., that Catalina was withdrawing its revised proposal to acquire American Safety at a price of $30.75 per share.

Additionally, Fairfax and Catalina have reached an agreement, pursuant to which Fairfax would sell American Safety's reinsurance business to Catalina after closing of Fairfax's pending acquisition of American Safety. Catalina said it agreed to vote its common shares of American Safety in favor of the adoption and approval of the merger agreement.

A special general meeting of shareholders of American Safety to vote on the proposal is scheduled on August 26.