OneBeacon Insurance Group, Ltd. (NYSE: OB)
OneBeacon Insurance Group was off to what seemed to be a relatively normal day in the market today. After starting in the red at the start of the session, the stock went on a steady path for the green. From there, we’ve seen a continuation of slow, yet steady movement, but nothing that would be considered exciting. However, minutes ago, that all changed as the stock spiked upward. Below, we’ll talk about what we’re seeing from OB, why, and what we’ll be watching for ahead.
What We’re Seeing From OB
As mentioned above, OneBeacon was off to a normal day in the market at the open today. When the bell rang, the stock started slightly in the red. Throughout the day, we’ve seen slow, yet steady movement, pushing the stock in the green and beyond. Nonetheless, nothing about it was exciting. That is, until minutes ago when the stock started spiking upward in a big way. Currently (11:31), OB is trading at $16.80 per share after a gain of $1.64 per share (10.82%) thus far today.
Why The Stock Is Climbing
Our partners at Trade Ideas were the first to notify us of the spike on OB. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this case, it didn’t take long to find the story. In fact, the movement seems to be the result of a Bloomberg report that was released just minutes ago.
In the report, Bloomberg says that OneBeacon Insurance Group is currently exploring the possibility of being acquired. Of course, if the company is indeed sold, shareholders would likely receive tremendous value, as acquisitions tend to happen at strong premiums. As a result, the stock is spiking!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on OB. In particular, we’ll be watching for news associated with this potential acquisition. This could be a big win for all investors involved. We’ll watch the news closely and bring it to you as it breaks!
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[Image Courtesy of Wikipedia]