Validus $300mn buyback steps up capital return spree
Bermudian (re)insurer Validus Holdings has announced plans to buy back 12mn of its common shares for $300mn, after conducting a modified Dutch auction tender offer.
The system allows bidders to choose how many shares they want to buy and at what price. Validus said a preliminary count found 14.8mn common shares were tendered by the time the offer expired on Tuesday (8 June), each selling at or below $25 each.
Based on these results, Validus said it will buy 12mn...
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