Bermuda-based Montpelier Re Holdings Ltd. reported that the Company has agreed to repurchase 1,263,865 of its common shares owned by Vestar AIV Holdings and related entities, who were initial investors when the company was formed.
The bulletin said the “purchase price agreed was $34.50 per common share, representing a 1.09 percent discount to the last reported closing price for common shares on May 28, 2004. The purchase price totals $43.6 million and will be funded using existing cash on hand.”
Montpelier Re Chairman, President and CEO, Anthony Taylor remarked: “At the end of last month, upon the approval of our share repurchase program by the Company’s board of directors, we announced our intention to return excess capital to our investors. We have now initiated the program and will look for further opportunities to selectively repurchase shares with the objective of enhancing return on equity for our shareholders.”
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