1. White Mountains announced a $300 million tender offer for share buyback. 2. 67,186 shares tendered at $2,050 each, totaling approximately $137.7 million. 3. Expected shares purchased represent 2.6% of total shares outstanding. 4. Final results will be confirmed after guaranteed delivery period ends. 5. Forward-looking statements highlight uncertainties surrounding the tender offer.
FAQ
Why Bullish?
The share buyback reduces outstanding shares, potentially increasing earnings per share. Historically, companies executing buybacks often see price appreciation post-announcement.
How important is it?
The tender offer signifies company confidence in value, potentially drawing investor interest. A successful buyback tends to bolster stock prices, making this information particularly impactful.
Why Short Term?
The immediate effect on stock price will likely occur post-tender offer completion. Investors often react quickly to buyback news, influencing short-term performance.
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White Mountains Insurance Group Announces Preliminary Results of Tender Offer
White Mountains Insurance Group, Ltd. (NYSE: WTM) has released the preliminary results of its "modified Dutch auction" tender offer, which aimed to acquire up to $300 million in value of its common shares. This tender offer expired on December 19, 2025, at midnight New York City time.
Tender Offer Highlights
According to a preliminary count conducted by the depositary for the tender offer, a total of 67,186 shares were validly tendered at or below the purchase price of $2,050 per share. This includes 16,589 shares tendered by notice of guaranteed delivery.
- Total Shares Tendered: 67,186
- Purchase Price per Share: $2,050
- Approximate Value of Total Purchase: $137.7 million
- Percentage of Outstanding Shares: 2.6% as of November 19, 2025
Expected Outcomes of the Tender Offer
The Company anticipates purchasing all validly tendered shares, totaling approximately 137.7 million. It is important to note that these figures are preliminary and may be subject to change. The final number of shares purchased and the exact purchase price will be confirmed by the depositary after the completion of the guaranteed delivery period.
Post-purchase, White Mountains is expected to have around 2,476,555 common shares outstanding immediately following the payment for accepted shares.
Shareholder Queries and Contact Information
Shareholders seeking additional information regarding the tender offer can contact the information agent, D.F. King & Co., at (800) 821-2712 or via email at [email protected]. The dealer managers facilitating the tender offer include BofA Securities, Inc. and Barclays Capital Inc.
Forward-Looking Statements
This announcement may contain forward-looking statements, which include predictions or expectations regarding the outcome of the tender offer and other business activities. Such statements are based on current assumptions and analyses of historical trends, market conditions, and other relevant factors.
However, actual results may differ materially due to various uncertainties and risks, such as:
- Claims from catastrophic events
- Inadequate recorded loss reserves
- Market fluctuations affecting investments, including MediaAlpha
- Changes in laws or regulations
- Economic conditions and competitive forces
White Mountains does not undertake any obligation to update these forward-looking statements, except as required by law.