Validus Modified Dutch Auction Tender Offer
Bermuda-based Validus Holdings, Ltd. announced the final results of its “modified Dutch auction” tender offer, which expired at 5:00 p.m., New York City time, on June 5, 2012.
Validus has accepted for purchase 6,383,884 of its common shares at a price of $32.00 per common share for a total cost of $204,284,288, excluding fees and expenses relating to the tender offer. Validus funded the purchase of the shares in the tender offer using cash on hand.
Included within the common shares to be accepted for purchase are 133,884 common shares that Validus elected to purchase pursuant to its option to increase the size of the tender offer by up to 2.0% of the outstanding common shares.
The depositary will promptly pay for the common shares accepted for purchase, and will promptly return the 19,191,712 common shares tendered and not purchased, pursuant to the terms of the tender offer.
As noted in the Company’s Offer to Purchase, the Company may in the future consider various forms of share repurchases, including open market purchases, tender offers and/or accelerated share repurchases or otherwise. Under applicable securities laws, the Company may not repurchase any of its common shares until after June 19, 2012.
Following completion of the tender offer, Validus has approximately $166.4 million remaining under its current share repurchase authorization.
