White Mountains to Vote in Favor of Intact’s Acquisition of OneBeacon

By a News Reporter-Staff News Editor at Insurance Weekly News -- - White Mountains Insurance Group, Ltd. (NYSE: WTM) has entered into a definitive agreement to vote its shares of OneBeacon Insurance Group, Ltd. ("OneBeacon") in favor of Intact Financial Corporation's acquisition of 100% of OneBeacon for $18.10 per share in cash (the "Transaction"). White Mountains owns 75.7% of OneBeacon's outstanding common shares, representing 96.9% of the voting power.

White Mountains expects to receive gross proceeds of $1.3 billion from the Transaction, which would increase its adjusted book value by approximately $107 per share.

The transaction is expected to close in the fourth quarter of 2017. It is subject to regulatory approval and other customary closing conditions.

Cravath, Swaine & Moore LLP served as legal advisor to White Mountains and OneBeacon.

Keywords for this news article include: Financial Companies, Property and Casualty Insurance Companies.

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