The Bermuda-based White Mountains Insurance Group, Ltd. announced that its Board of Directors has authorized the Company “to repurchase up to 1,000,000 common shares, from time to time, subject to market conditions.
“Shares may be purchased in the open market or through privately negotiated transactions. The repurchase authorization does not obligate White Mountains to acquire any specific number of shares.”
White Mountains, like Berkshire Hathaway, does not split its shares. They are currently trading at over $600, pricing the buy-back at around $600 million, if all of the authorized number of shares are bought. The Company intends to fund any repurchases with available cash.
President and CEO Steve Fass commented: “We believe it is in the Company’s best interest to maintain the flexibility to repurchase shares from time to time if opportunities present themselves.”
Was this article valuable?
Here are more articles you may enjoy.