White Mountains Tender Offer Final Results
White Mountains Insurance Group announced the final results of its “modified Dutch auction” tender offer, which expired at the end of the day on May 7th.
Based on the final count by the depositary for the tender offer, 584,106 shares were properly tendered and not properly withdrawn at or below the final purchase price of $875 per share.
“The tender offer was oversubscribed. Pursuant to the terms of the tender offer, the Company has purchased 575,068 shares at the final purchase price of $875 per share on a pro rata basis, except for tenders of odd lots, which have been accepted in full, for a total cost of approximately $503.2 million, excluding fees and expenses related to the tender offer,” the company said.
“White Mountains has determined that the proration factor for the tender offer, after giving effect to the priority of the odd lots, is approximately 98.4%. The shares purchased in the tender offer represent approximately 15.3% of White Mountains’s shares outstanding as of April 9, 2018.
“Payment for the shares purchased under the tender offer will be made promptly, and all shares tendered and not purchased will be returned promptly to shareholders.
“The Company expects to have 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”.
