White Mountains Issues Tender Offer Results
Bermuda-domiciled White Mountains Insurance Group announced today [Nov.15] the preliminary results of its “modified Dutch auction” tender offer. The tender offer expired at 12:00 midnight, New York City time, on November 14, 2011.
Based on a preliminary count by the depositary for the tender offer, 4,474 shares were properly tendered and not properly withdrawn at or below the final purchase price of $425.00 per share, including 425 shares that were tendered by notice of guaranteed delivery.
White Mountains will purchase all shares tendered at or below $425.00, for a total cost of $1.9 million, excluding fees and expenses related to the tender offer.
The company expects to have approximately 7,626,243 common shares outstanding as of the time immediately following payment for the accepted shares.
White Mountains is a Bermuda-domiciled financial services holding company with business interests in property and casualty insurance and reinsurance.
