MediaAlpha Prices Secondary Offering
White Mountains Insurance Group (NYSE: WTM) announced a secondary offering of 7,000,000 shares of MediaAlpha, priced at $46 per share.
Sentiment and the balance of points
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Rhea-AI Summary
White Mountains Insurance Group (NYSE: WTM) announced a secondary offering of 7,000,000 shares of MediaAlpha, priced at $46 per share. White Mountains is selling 3,122,460 shares, retaining a 27% stake in MediaAlpha, valued at approximately $800 million. The offering is expected to close on March 23, 2021, with net proceeds of about $140 million to White Mountains. The underwriters will have a 30-day option for additional shares.
Positive
- Net proceeds of approximately $140 million to White Mountains from the offering.
- Remaining equity stake in MediaAlpha valued at about $800 million.
Negative
- None.
Details
News Market Reaction – WTM
The recorded move for WTM in the trading session of this news was +0.13%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HAMILTON, Bermuda, March 18, 2021 /PRNewswire/ -- White Mountains Insurance Group, Ltd. (NYSE: WTM) announced today that MediaAlpha, Inc. ("MediaAlpha") priced a secondary offering of 7,000,000 shares of its Class A common stock by certain selling stockholders. The shares of Class A common stock are being sold to the public at a price of
In the offering, 3,122,460 shares are being offered by White Mountains. Following the completion of the offering, White Mountains will own 17,409,742 MediaAlpha shares, representing a
The offering is expected to close on March 23, 2021, subject to customary closing conditions. In connection with the offering, the underwriters will have a 30-day over-allotment option to purchase up to an additional 469,744 shares offered by White Mountains.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About White Mountains
White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM.
CONTACT: Todd Pozefsky
(203) 458-5807
View original content:http://www.prnewswire.com/news-releases/mediaalpha-prices-secondary-offering-301250739.html
SOURCE White Mountains Insurance Group, Ltd.
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