White Mountains makes self-tender offer – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

White Mountains makes self-tender offer

Bermuda-based White Mountains Insurance Group Ltd announced yesterday that it intends to commence a “modified Dutch auction” self-tender offer to buy up to 300,000 of its common shares.

Under the deal the shares would be purchased at a price of not greater than $435 or less than $385 per share net to the seller in cash.

The offer is expected to commence on August 18, 2011 and expire at 12am, New York City time, on September 15, 2011, unless extended. White Mountains’ common shares closed on the New York Stock Exchange at $403 per share on Tuesday.

A “modified Dutch auction” self-tender offer allows shareholders to indicate how many shares and at what price within the company’s specified range they wish to tender their shares. Based on the number of shares tendered and the prices specified by the tendering shareholders, the company will determine the lowest price per share within the range that will enable it to buy 300,000 shares, or such lesser number of shares that are properly tendered and not properly withdrawn.

You must be Registered or to post comment or to vote.

Published August 18, 2011 at 9:36 am (Updated August 18, 2011 at 9:36 am)

White Mountains makes self-tender offer

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon