White Mountains Announces Preliminary Results of Its Tender Offer
White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today the preliminary results of its tender offer. The tender offer expired at 12:00 midnight, New York City time, on March 22, 2012.
Based on a preliminary count by the depositary for the tender offer, 817,022 shares were properly tendered and not properly withdrawn, including 14,905 shares that were tendered by notice of guaranteed delivery. The Company will purchase all shares properly tendered and not properly withdrawn at a price of $500.00 per share, for a total cost of $408,511,000, excluding fees and expenses related to the tender offer.
The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares tendered by notice of guaranteed delivery will be delivered within the three trading day settlement period. The final number of shares purchased will be announced following the expiration of the guaranteed delivery period and completion by the depositary of the confirmation process. Payment for shares accepted for purchase under the tender offer will be made today by deposit of the aggregate purchase price for 817,022 shares with the depositary, which is acting as agent for tendering shareholders for the purpose of receiving payments from the Company. The transmittal by the depositary of such payments to tendering shareholders whose shares have been accepted for payment, and the return of all other shares tendered and not purchased, will be made promptly after the final results of the tender offer are announced.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.