White Mountains Tender Preliminary Results

May 8, 2018

White Mountains Insurance Group announced the preliminary results of its “modified Dutch auction” tender offer to purchase up to 500,000 shares. The tender offer expired at midnight, New York City time, at the end of the day on May 7th.

“Based on a preliminary count by the depositary for the tender offer, 585,467 shares were properly tendered and not properly withdrawn at or below the final purchase price of $875 per share, including 172,790 shares that were tendered by notice of guaranteed delivery,” the company said.

“The tender offer was oversubscribed. Pursuant to the terms of the tender offer, the Company has elected to amend the tender offer to purchase 75,068 additional shares [within up to 2% of its outstanding shares] and as a result it will purchase 575,068 shares at the final purchase price of $875 per share on a pro rata basis, except for tenders of odd lots, which will be accepted in full, for a total cost of approximately $503.2 million, excluding fees and expenses related to the tender offer.

“As such, White Mountains has determined that the preliminary proration factor for the tender offer is approximately 98.2%. The shares expected to be purchased in the tender offer represent approximately 15.3% of White Mountains’s shares outstanding as of April 9, 2018.

“The number of shares expected to be purchased in the tender offer, the purchase price and the proration factor are preliminary and subject to change,” the company noted, adding that they expect to have “approximately 3,178,337 common shares outstanding as of the time immediately following payment for the accepted shares.”

White Mountains is traded on the New York Stock Exchange under the symbol “WTM” and the Bermuda Stock Exchange under the symbol “WTM-BH”.

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