White Mountains Insurance Group has announced the preliminary results of its "modified Dutch auction" tender offer to purchase up to $500 million in value of its common shares. The tender offer expired at midnight, New York City time, at the end of 20 September.
Based on a preliminary count by the depositary for the tender offer, 333,878 shares were properly tendered and not properly withdrawn at or below the purchase price of $1,400 per share, including 74,546 shares that were tendered by notice of guaranteed delivery.
The company expects to purchase all validly tendered shares for approximately $467.4 million. The shares expected to be purchased in the tender offer represent about 11.5% of White Mountain's shares outstanding as of 19 August.
The number of shares expected to be purchased in the tender offer and the purchase price are preliminary and subject to change.
The final number of shares to be purchased and the final purchase price will be announced promptly following the expiration of the guaranteed delivery period and completion by the depositary of the confirmation process.
The company expects to have around 2,570,149 common shares outstanding as of the time immediately following payment for the accepted shares.
White Mountains, shares