White Mountains reveals results of tender offer

White Mountains Insurance Group has announced the final results of its "modified Dutch auction" tender offer. The tender offer expired at midnight, New York City time, at the end of the day on 20 September, 2022.

Based on the final count by the depositary for the tender offer, 327,795 shares were properly tendered and not properly withdrawn at or below the final purchase price of $1,400 per share.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 about 11.3% of White Mountains's shares outstanding as of 19 August.

It expects to have approximately 2,576,232 common shares outstanding as of the time immediately following payment for the accepted shares.