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Fairfax Financial Holdings Ltd. has launched a $75.6-million bid to buy the remaining stake of London's Advent Capital (Holdings) PLC it doesn't already own.

The Toronto-based financial services company said Tuesday it is offering 165 pence per Advent share, which values Advent at about £67 million or $135.8-million.

The board of London-based Advent said it will consider the offer, but noted its net tangible assets were valued at 240 pence at June 30 and that the average closing mid-market price of its shares over the last 30 days was 177 pence per share and over the last six months, 231 pence per share.

"The board recognizes that Fairfax, as a financial and strategic investor in the insurance industry, must act in what it sees as the best interests of its own shareholders but the board must be mindful of the real, longer-term value of the Advent business and will consider all options available to the company," it said in a statement.

Advent shares rose to close at 175 pence Tuesday, up 6.1 per cent.

Fairfax said its offer, at par with Advent's Monday closing price at 165 pence on the London Stock Exchange's AIM market, was a 7 per cent discount to its average closing price over the last 30 days.

"In making the offer, Fairfax believes that it is providing Advent Shareholders an opportunity to exit their investment in Advent that might not otherwise have been available by way of regular trading on the London Stock Exchange," Fairfax said.

Fairfax currently holds about 18.1 million shares and said it has received letters of intent to accept the offer for about 8.1 million shares or 20 per cent.

Fairfax stock was down 93 cents at $258.82 in afternoon trading at the Toronto Stock Exchange.

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