White Mountains “Modified Dutch Auction”
White Mountains Insurance Group, Ltd. announced that it has commenced a “modified Dutch auction” self-tender offer to purchase up to $500 million in value of its common shares.
A spokesperson said, “White Mountains Insurance Group, Ltd. announced today that it has commenced a “modified Dutch auction” self-tender offer to purchase up to $500 million in value of its common shares, at a purchase price not greater than $1,400 nor less than $1,250 per share, in cash, less any applicable withholding taxes and without interest.
“The tender offer commenced today, on August 22, 2022, and will expire at 12:00 midnight, New York City time, at the end of the day on September 20, 2022, unless extended. White Mountains’s common shares closed on the New York Stock Exchange at $1,305.13 per share on August 19, 2022.”
