Hellman & Friedman (H&F), established in 1984 by Lehman Brothers and Salomon Brothers executives Warren Hellman and Tully Friedman and with about $50 billion in assets under management, submitted an indicative non-binding proposal to acquire 100% of Fairfax's equity at a price between $1.225 and $1.25 per share, under the proviso that Fairfax pays no dividends between the date of the proposal to the acquisition.