White Mountains tender offer for MediaAlpha shares oversubscribed

Bermuda-based White Mountains Insurance Group is to increase its purchase of shares in affiliate MediaAlpha following an oversubscribed tender offer.

White Mountains said it had tendered to buy 5 million shares at $10 a share, but received offers for more than 7.9 million shares.

As a result, the company said it will purchase a total of 5,916,816 common shares at $10 each for a total cost of approximately $59.2 million, excluding fees and expenses related to the Offer.

The purchase represents approximately 12.9% of the Company's outstanding Common Shares.