White Mountains Announces Final Results of Its Tender Offer
Rhea-AI Summary
White Mountains (NYSE: WTM) announced final results of its modified Dutch auction tender offer that expired December 19, 2025. The company accepted 64,064 shares at a final purchase price of $2,050.00 per share, for an aggregate purchase of approximately $131.3 million. The purchased shares represent approximately 2.5% of White Mountains's shares outstanding as of November 19, 2025.
Payment will be made promptly and the company expects to have approximately 2,479,677 common shares outstanding immediately after payment. Shareholders may contact D.F. King & Co. for additional information; dealer managers were BofA Securities and Barclays Capital.
Positive
- $131.3M returned to shareholders via tender offer
- Repurchased 64,064 shares at $2,050.00 per share
Negative
- Repurchase equals only 2.5% of shares outstanding — limited capital impact
- Cash outflow of $131.3M reduces available liquidity
Key Figures
Market Reality Check
Peers on Argus
WTM was up 0.37% while key peers HGTY, MCY, SIGI, KMPR and RLI were all down between about -0.2% and -2.7%, pointing to a stock-specific dynamic around the tender offer.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 22 | Tender prelim results | Positive | +2.0% | Preliminary modified Dutch auction results confirming sizable share repurchase. |
| Dec 08 | Bamboo sale close | Positive | -1.1% | Completion of Bamboo sale while retaining minority equity stake. |
| Nov 21 | Tender launch | Positive | +6.3% | Announcement of self-tender for up to $300M via modified Dutch auction. |
| Nov 06 | Q3 earnings | Positive | -0.3% | Reported BVPS growth and contribution from operating subsidiaries and investments. |
| Oct 03 | Bamboo sale deal | Positive | +10.6% | Agreement to sell controlling Bamboo stake with expected BVPS gain and cash. |
Shareholder-return and strategic transaction news (tender offer, Bamboo sale) often led to meaningful moves, with a mix of aligned and divergent reactions.
This announcement finalizes a multi-step capital return and portfolio reshaping sequence. On Nov 21, White Mountains launched a modified Dutch auction tender offer for up to $300 million, followed by preliminary tender results on Dec 22. In parallel, the company agreed in early October to sell a controlling interest in Bamboo, expecting a gain of about $310 to book value per share, and completed that sale on Dec 8. Q3 results on Nov 6 highlighted book value per share of $1,851 and pro forma BVPS of $2,176 including Bamboo.
Market Pulse Summary
This announcement finalizes White Mountains’s modified Dutch auction, confirming the repurchase of 64,064 shares at $2,050 per share for about $131.3 million, or roughly 2.5% of shares outstanding. The company expects to have about 2,479,677 common shares outstanding after settlement. In the past few months, investors have seen multiple steps in this capital return and portfolio reshaping story, so tracking future capital allocation moves and any follow-on balance sheet impacts remains important.
Key Terms
modified Dutch auction financial
tender offer regulatory
information agent financial
AI-generated analysis. Not financial advice.
Based on the final count by the depositary for the tender offer, 64,064 shares were properly tendered and not properly withdrawn at or below the final purchase price of
The Company is purchasing all validly tendered shares for approximately
Payment for the shares purchased under the tender offer will be made promptly.
The Company expects to have approximately 2,479,677 common shares outstanding as of the time immediately following payment for the accepted shares.
Shareholders who have questions or would like additional information about the tender offer may contact the information agent for the tender offer, D.F. King & Co., at (800) 821-2712 (toll free) or by email at wtm@dfking.com. The dealer managers for the tender offer were BofA Securities, Inc. and Barclays Capital Inc.
White Mountains is traded on the New York Stock Exchange under the symbol "WTM" and the Bermuda Stock Exchange under the symbol "WTM-BH".
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements". All statements, other than statements of historical facts, included or referenced in this press release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words "could", "will", "believe", "intend", "expect", "anticipate", "project", "estimate", "predict" and similar expressions are also intended to identify forward-looking statements.
These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including:
- the risks that are described from time to time in White Mountains's filings with the Securities and Exchange Commission, including but not limited to White Mountains's Annual Report on Form 10-K for the fiscal year ended December 31, 2024;
- claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures, or cyber-attacks;
- recorded loss reserves subsequently proving to have been inadequate;
- the market value of White Mountains's investment in MediaAlpha;
- business opportunities (or lack thereof) that may be presented to it and pursued;
- actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch;
- the continued availability of capital and financing;
- the continued availability of fronting and reinsurance capacity;
- deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease and corresponding mitigation efforts;
- competitive forces, including the conduct of other insurers;
- changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and
- other factors, most of which are beyond White Mountains's control.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. Except for our obligations under Rule 13e-4(c)(3) and Rule 13e-4(e)(3) of the Exchange Act to disclose any material changes in the information previously disclosed to shareholders or as otherwise required by law, the Company assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Rob Seelig
(603) 640-2212
View original content:https://www.prnewswire.com/news-releases/white-mountains-announces-final-results-of-its-tender-offer-302649059.html
SOURCE White Mountains Insurance Group, Ltd.
FAQ
How many shares did White Mountains (WTM) repurchase in the December 19, 2025 tender offer?
What was the final purchase price per share in White Mountains (WTM) tender offer?
How much did White Mountains (WTM) spend on the tender offer announced December 24, 2025?
What percentage of White Mountains (WTM) outstanding shares were repurchased in the tender offer?
How many White Mountains (WTM) shares will be outstanding after the tender offer payment?
Who should White Mountains (WTM) shareholders contact with questions about the tender offer?
