White Mountains announces results of tender offer

White Mountains Insurance Group has announced the final results of its modified Dutch auction tender offer, which expired at 12:00 midnight, New York City time, at the end of September 14, 2017.

The company said that based on the final count by the depositary for the tender offer, 718,971 shares were properly tendered and not properly withdrawn at or below the final purchase price of $875 per share.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 586,732 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 $513.4 million, excluding fees and expenses related to the tender offer.

White Mountains said it has determined that the proration factor for the tender offer, after giving effect to the priority of the odd lots, is approximately 81.4 percent. The shares purchased in the tender offer represent approximately 13.5 percent of White Mountains’ shares outstanding as of August 16, 2017.

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.

White Mountains said that it expects to have 3,750,081 common shares outstanding as of the time immediately following payment for the accepted shares.