Fairfax I.S. PLC (“Fairfax”) successfully defended Bulgarian Property Developments PLC (“ BPD”) from Windsorville Investments Limited (“Windsorville”) a special purpose vehicle owned by American billionaire Joe Lewis. This was achieved despite it being a cash offer which was attractive for many shareholders facing redemption issues as well as the turmoil in the property sector as a whole. In addition, at the time of making the offer Windsorville owned over 25% of BPD. The defence was set around Fairfax’s knowledge of the shareholders and their requirements which allowed BPD to put up a robust defence which ultimately meant the Windsorville only received acceptances from 0.6% of shareholders.

Fairfax has had a longstanding relationship with BPD and will continue to work with BPD on their future strategy in order to help them deliver value to their shareholders.