FBD had deal in place before Fairfax

FBD was close to striking an alternative bond transaction, with an undisclosed backer, before it opted for better terms under the €70m fundraising deal with Canada’s Fairfax Financial Holdings, the Irish Examiner understands.

Shareholders yesterday voted to approve the Fairfax convertible bond deal at Bluebell in west Dublin, which FBD first unveiled earlier this year.

Over 90% of the troubled insurance group’s shareholders voted to approve the investment from Fairfax.