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Investment bank Goldman Sachs was seeking to sell 92.3 million shares in Genworth Mortgage Insurance Australia on Monday afternoon.
Sources said Goldman was selling on behalf of Genworth’s United States-listed parent, Genworth Financial.
The shares would represent a 14.2 per cent stake in the Australian company.
The deal launched on Monday afternoon and priced at $3.08 a share or a slim 1.9 per cent discount to the $3.14 closing price on Monday.
Goldman Sachs was seeking bids by 9pm on Monday night, Australian Eastern Standard Time, according to a termsheet sent to fund managers on Monday afternoon.
Buyers were told Genworth Financial would retain a 52 per cent stake in the company, which would not be sold until after Genworth Australia reported its results for the year to June 30 2015.
The Australian Financial Review
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