White Mountains to Commence Self-Tender Offer to Purchase Up To $300 Million In Value of Its Common Shares

Core Viewpoint - White Mountains Insurance Group, Ltd. has initiated a "modified Dutch auction" self-tender offer to repurchase up to $300 million of its common shares, with a purchase price range set between $1,850 and $2,050 per share, expiring on December 19, 2025 [1][2]. Tender Offer Details - The self-tender offer allows shareholders to specify the number of shares and the price within the defined range they wish to tender. The company will determine the lowest purchase price that allows it to buy $300 million worth of shares [2]. - If more than $300 million in shares are tendered, the company may increase the number of shares sought by up to 2% of outstanding shares without extending the offer's expiration [2]. - All shares purchased will be at the same price, regardless of the price at which shareholders tendered their shares [2]. Share Purchase Potential - If the tender offer is fully subscribed, at the maximum price of $2,050, the company could buy approximately 146,341 shares, representing about 5.8% of outstanding shares. At the minimum price of $1,850, it could purchase around 162,162 shares, or about 6.4% of outstanding shares [3]. Conditions and Process - The tender offer is not contingent on financing or a minimum number of shares being tendered, but it will be subject to certain conditions outlined in the offer to purchase [4]. - Shareholders will receive detailed instructions and terms of the tender offer shortly after its commencement [4]. Information and Management - D.F. King & Co., Inc. will act as the information agent for the tender offer, while BofA Securities, Inc. and Barclays Capital Inc. will serve as dealer managers [6].