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National General Holdings Corp. (NGHC) soars today on news

National General Holdings Corp. (NGHC) is up today more than 60%

At 1:00 PM, ET time today shares of National General Holdings Corp. (NGHC)
are gaining more than 60%, currently at 33.60+13.19 (+64.65%).The stock price reacts to the following news:

National General Soars on $4 Billion Allstate Acquisition

“Shares of National General Holdings (NGHC) – Get Report surged on Wednesday after insurance giant Allstate (ALL) – Get Report announced that it will acquire the property and liability insurance provider for about $4 billion in cash.

National General stock surged 65% to $33.59 in trading on Wednesday after Allstate announced it will pay $34.50 a share for the company, about 69% more than the $20.41 closing price Tuesday.

Allstate will fund the deal with $2.2 billion in cash resources and by issuing $1.5 billion in new senior debt.

The acquisition “accelerates Allstate’s strategy to increase market share in personal property-liability and significantly expands our independent agent distribution,” Allstate CEO Tom Wilson said in a statement.”

Stock market data:

National General Holdings Corp. (NGHC) was recently a stock pick in our stock market newsletter

We analyzed the National General Holdings Corp. (NGHC) stock on June 5, 2020, with a stock recommendation buy and a target of 26.80 – 29.02. The stock price at the close on June 5, 2020, was 22.33. Today the price is up almost 50% from that price. You can subscribe to our stock market newsletter , we do not guarantee any returns and our fundamental analysis is about finding deep value stocks to buy or overvalued stocks to sell.