White Mountains Insurance Group, Ltd. (WTM) said it has repurchased for cash all 89,729 White Mountains common shares beneficially owned by Berkshire Hathaway Inc. (BRKa,BRK-A,BRK-B) at a purchase price of $500 per share. The company has 30,668 shares remaining under its share repurchase authorization.
White Mountains also said it plans to initiate a self-tender offer to purchase up to 1 million of its common shares at a purchase price of $500 per share net to the seller in cash.
The tender offer is expected to commence on February 24, 2012 and expire at 12:00 midnight, New York City time, on March 22, 2012, unless extended. White Mountains' common shares closed on the New York Stock Exchange at $481.76 per share on February 22, 2012.
by RTT Staff Writer
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