Treasury Gains $706 Million Through Hartford Warrants (HIG)

The Treasury Department estimated a profit of $706 million from the sale of warrants to acquire common stock of Hartford Financial Services HIG. The Treasury reported the sale of 52 million HIG warrants at $13.70 a warrant and the deals are likely to be finalized on September 27. Each warrant reserves a right to purchase a share of HIG common stock at a price of $9.79. The warrants will lose their value on June 26, 2019. The purchase offers were set through a Dutch auction. Shares of HIG are down more than 3.5% this afternoon, to $22.31. Read more from Benzinga's Markets.