White Mountains Announces Final Results of Its Tender Offer
White Mountains (NYSE: WTM) announced final results of its modified Dutch auction tender offer that expired December 19, 2025.
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
Details
News Market Reaction – WTM
In the Dec 24 session, WTM declined 0.14%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
- Shares tendered
- 64,064 shares
- Properly tendered and not withdrawn in offer
- Tender price
- $2,050.00 per share
- Final purchase price in modified Dutch auction
- Total purchase
- $131.3 million
- Aggregate amount spent to repurchase tendered shares
- Portion of shares
- 2.5%
- Percentage of shares outstanding repurchased as of Nov 19, 2025
- Post-tender shares
- 2,479,677 shares
- Estimated common shares outstanding after tender settlement
Historical Context
-
Preliminary modified Dutch auction results confirming sizable share repurchase.
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Completion of Bamboo sale while retaining minority equity stake.
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Announcement of self-tender for up to $300M via modified Dutch auction.
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Reported BVPS growth and contribution from operating subsidiaries and investments.
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Agreement to sell controlling Bamboo stake with expected BVPS gain and cash.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
modified Dutch auction financial
tender offer regulatory
information agent financial
AI-generated analysis. How Rhea-AI works. 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
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SOURCE White Mountains Insurance Group, Ltd.
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