Aggregate repurchase price for shares and options is $321.5m
Endurance has entered into an agreement to repurchase the ordinary shares and options held by two affiliated funds of Perry Corp, a founding shareholder of Endurance.
Endurance is repurchasing 7,143,056 ordinary shares and options to purchase an additional 10,000 ordinary shares. The aggregate repurchase price for the shares and the options is $321.5m.
The repurchase price per ordinary share is $44.99, the closing price on January 21, 2011 and a discount of approximately 1% from the volume weighted average price of Endurance's ordinary shares for the 10 day period ending on January 21, 2011.
The repurchase is separate from Endurance's existing 7 million share repurchase program that was authorised by its Board of Directors in August 2010.
The repurchase of the ordinary shares represents approximately 15% of the total Endurance ordinary shares outstanding as of December 31, 2010.
Endurance is using existing cash on hand to fund the repurchase.