White Mountains Share Tender Offer
Bermuda’s White Mountains Insurance Group, Ltd. announced today [Feb.23] that it has repurchased for cash all 89,729 White Mountains common shares beneficially owned by Berkshire Hathaway Inc. at a purchase price of $500 per share. The company has 30,668 shares remaining under its share repurchase authorization.
White Mountains also announced that it intends to commence a self-tender offer to purchase up to 1,000,000 of its common shares at a purchase price of $500 per share net to the seller in cash. The tender offer is expected to commence on February 24, 2012 and expire at 12:00 midnight, New York City time, on March 22, 2012, unless extended. White Mountains’ common shares closed on the New York Stock Exchange at $481.76 per share on February 22, 2012.
The tender offer will not be conditioned upon any minimum number of shares being tendered. The tender offer will be, however, subject to certain conditions as will be specified in the offer to purchase. Specific instructions and a complete explanation of the terms and conditions of the tender offer will be contained in the offer to purchase, the letter of transmittal and the related materials, which will be mailed to shareholders of record shortly after commencement of the tender offer.
Neither the company nor its board of directors makes any recommendation as to whether any shareholder should participate in the tender offer.
D.F. King & Co., Inc. will serve as information agent for the tender offer.
White Mountains is traded on the New York Stock Exchange and the Bermuda Stock Exchange.
TENDER OFF
