HAMILTON, Bermuda, June 30,
2023 /PRNewswire/ -- White Mountains Insurance
Group, Ltd. (NYSE: WTM) ("White Mountains") today announced the
final results of the cash tender offer (the "Offer") by White
Mountains and its wholly owned subsidiary, WM Hinson (Bermuda) Ltd. ("WM Hinson" and together with
White Mountains, the "Purchasers") to purchase shares of Class A
Common Stock, $0.01 par value per
share (each, a "Common Share"), of MediaAlpha, Inc., a Delaware corporation (NYSE: MAX) (the
"Company"), at a price of $10.00 per
Common Share, net to the seller in cash, less any applicable
withholding taxes and without interest, which expired at one minute
following 11:59 p.m., New York City time, on Monday, June 26, 2023.
Based on the final count by the depositary for the Offer,
7,856,550 Common Shares were properly tendered and not properly
withdrawn.
The Offer was initially to purchase up to an aggregate of
5,000,000 Common Shares, and was oversubscribed. As previously
announced, the Purchasers amended the Offer to provide for the
purchase of 916,816 additional Common Shares (within up to 2% of
the Company's outstanding Common Shares). As a result, the
Purchasers have accepted for payment 5,916,816 Common Shares at the
purchase price of $10.00 per Common
Share on a pro rata basis, for a total cost of approximately
$59.2 million, excluding fees and
expenses related to the Offer. The proration factor for the Offer
was approximately 75.3%. On a pro forma basis after giving effect
to this transaction, White Mountains would have beneficially owned
approximately 49.9% of the Company's outstanding Common Shares as
of May 31, 2023.
The depositary will promptly pay for the Common Shares accepted
for purchase and will return all other Common Shares tendered and
not purchased.
Questions regarding the Offer and requests for assistance in
connection with the Offer may be directed to D.F. King & Co.,
Inc., the information agent for the Offer, by contacting (877)
896-3199 (toll-free). Banks and brokers may contact D.F. King at
(212) 269-5550 or max@dfking.com or the dealer manager, J.P. Morgan
Securities LLC at (877) 371-5947 (toll-free). Computershare Trust
Company, N.A. is acting as depositary for the Offer. J.P. Morgan
Securities LLC is acting as dealer manager in connection with the
Offer.
White Mountains Insurance Group, Ltd.
White Mountains Insurance Group, Ltd., based in Hamilton, Bermuda, is a diversified insurance
and related financial services holding company.
CONTACT: Rob Seelig
(603) 640-2212
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SOURCE White Mountains Insurance Group, Ltd.