White Mountains Insurance completes Modified Dutch Auction
White Mountains Insurance Group Ltd, the Bermudian-domiciled financial services holding company, has announced the final results of its "modified Dutch auction" tender offer.
Based on the final count by the depositary for the tender offer, the company said, 327,795 shares were properly tendered and not properly withdrawn at or below the final purchase price of $1,400 per share.
The company is purchasing all validly tendered shares for approximately $458.9 million.
The shares purchased in the tender offer represent approximately 11.3 per cent of White Mountains's shares outstanding as of August 19.
Payment for the shares purchased under the tender offer will be made promptly, White Mountains said.
The company expects to have approximately 2,576,232 common shares outstanding as of the time immediately following payment for the accepted shares.
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