White Mountains’ $459 Million Tender Offer

September 20, 2022

Cleary Gottlieb represented the dealer managers in a tender offer by White Mountains Insurance Group, Ltd. to purchase its outstanding common shares for an aggregate purchase price of approximately $458.9 million.

The tender offer launched on August 22, 2022, and expired on September 20, 2022.

J.P. Morgan Securities LLC and Barclays Capital Inc. acted as the dealer managers for the tender offer.

The purchase price for the tender offer was $1,400 per share, which was determined through a modified Dutch auction by taking into account the total number of shares tendered and the bid prices specified by tendering holders of the shares.

White Mountains is engaged in the business of making opportunistic and value-oriented acquisitions of businesses and assets in the insurance, financial services, and related sectors, operating these businesses and assets through its subsidiaries and, if and when attractive exit valuations become available, disposing of these businesses and assets.