White Mountains Insurance Group Ltd. has disclosed final results of its modified Dutch auction tender offer to purchase up to 500,000 shares of its common stock.
The offer expired at midnight ET on May 7. Based on the final count, 584,106 shares were properly tendered and not properly withdrawn at or below the final purchase price of $875 per share.
Pursuant to the terms of the tender offer, the company purchased 575,068 shares at the final purchase price of $875 per share on a pro rata basis, except for tenders of odd lots, which was accepted in full, for a total cost of approximately $503.2 million, excluding fees and expenses related to the tender offer.
The dealer managers for the tender offer were J.P. Morgan Securities LLC and Barclays Capital Inc.