Validus Holdings Ltd has spent more than $200 million buying back some 6.4 million of its own shares as the result of a “modified Dutch auction” tender offer.The Bermuda reinsurer agreed to pay $32 apiece for the shares for a total cost of $204.3 million, excluding fees and expenses.Validus said it funded the purchase using cash on hand.Included within the common shares to be accepted for purchase are 133,884 common shares that Validus elected to purchase pursuant to its option to increase the size of the tender offer by up to two percent of the outstanding common shares. The depositary will promptly pay for the common shares accepted for purchase, and will promptly return the 19.19 million shares tendered and not purchased, pursuant to the terms of the tender offer.Following completion of the tender offer, Validus has approximately $166.4 million remaining under its current share repurchase authorisation.