White Mountains Final Results Of Tender Offer
White Mountains Insurance Group, Ltd. today announced the final results of its cash tender offer.
A spokesperson said, “White Mountains Insurance Group, Ltd. [WTM] today announced the final results of the cash tender offer by White Mountains and its wholly owned subsidiary, WM Hinson [Bermuda] Ltd. to purchase shares of Class A Common Stock, $0.01 par value per share, of MediaAlpha, Inc., a Delaware corporation, at a price of $10.00 per Common Share, net to the seller in cash, less any applicable withholding taxes and without interest, which expired at one minute following 11:59 p.m., New York City time, on Monday, June 26, 2023.
“Based on the final count by the depositary for the Offer, 7,856,550 Common Shares were properly tendered and not properly withdrawn.
“The Offer was initially to purchase up to an aggregate of 5,000,000 Common Shares, and was oversubscribed. As previously announced, the Purchasers amended the Offer to provide for the purchase of 916,816 additional Common Shares [within up to 2% of the Company's outstanding Common Shares]. As a result, the Purchasers have accepted for payment 5,916,816 Common Shares at the purchase price of $10.00 per Common Share on a pro rata basis, for a total cost of approximately $59.2 million, excluding fees and expenses related to the Offer. The proration factor for the Offer was approximately 75.3%. On a pro forma basis after giving effect to this transaction, White Mountains would have beneficially owned approximately 49.9% of the Company’s outstanding Common Shares as of May 31, 2023.
“The depositary will promptly pay for the Common Shares accepted for purchase and will return all other Common Shares tendered and not purchased.”
