WTM - White Mountains Insurance tender offer for MediaAlpha shares oversubscribed

2023-06-30 08:21:54 ET

• White Mountains Insurance Group ( NYSE: WTM ) said on Friday it has accepted 5,916,816 shares of MediaAlpha ( NYSE: MAX ) tendered for a total of $59.2M, which will give it ~49.9% stake in the insurance customer acquisition platform.
• WTM initially offered to purchase up to 5M common shares of MediaAlpha ( MAX ) for $10 per share and later increased it by 918,816 shares.
• Under the final results, White Mountains ( WTM ) said 7,856,550 common shares of MAX were tendered. As a result, the company will purchase ~75.3% of the shares that each MAX holder tendered.
• White Mountains ( WTM ) started the tender offer for MediaAlpha shares in May.

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