Twisted Titan
15th June 2010, 01:16 PM
Polo Ralph Lauren to sell 9M of founder's shares
NEW YORK -- Polo Ralph Lauren Corp. on Monday announced a secondary offering of 9 million shares of its common stock currently held by its namesake chairman and chief executive.
Ralph Lauren will grant the underwriters a 30-day option to purchase up to an additional 1.35 million shares to cover any overallotments.
All of the shares are common stock received as a result of the recent conversion of preferred shares.
The company will not be selling any shares and will not receive proceeds from the offering. It has, however, agreed to repurchase an additional 1 million common shares from the designer at the per-share price of the public offering.
Following the offering, Lauren and his family will continue to maintain a significant controlling interest in the company. According to a recent regulatory filing, he and family members currently hold more than 30.3 million Class B, or preferred, shares.
Polo Ralph Lauren shares closed Monday's regular session up 72 cents at $84.17. In aftermarket electronic trading following the announcement, shares slipped $2.17, or 2.6 percent, to $82.
Read more: http://www.fresnobee.com/2010/06/14/1970290/polo-ralph-lauren-to-sell-9m-of.html#ixzz0qxG2vl9u
NEW YORK -- Polo Ralph Lauren Corp. on Monday announced a secondary offering of 9 million shares of its common stock currently held by its namesake chairman and chief executive.
Ralph Lauren will grant the underwriters a 30-day option to purchase up to an additional 1.35 million shares to cover any overallotments.
All of the shares are common stock received as a result of the recent conversion of preferred shares.
The company will not be selling any shares and will not receive proceeds from the offering. It has, however, agreed to repurchase an additional 1 million common shares from the designer at the per-share price of the public offering.
Following the offering, Lauren and his family will continue to maintain a significant controlling interest in the company. According to a recent regulatory filing, he and family members currently hold more than 30.3 million Class B, or preferred, shares.
Polo Ralph Lauren shares closed Monday's regular session up 72 cents at $84.17. In aftermarket electronic trading following the announcement, shares slipped $2.17, or 2.6 percent, to $82.
Read more: http://www.fresnobee.com/2010/06/14/1970290/polo-ralph-lauren-to-sell-9m-of.html#ixzz0qxG2vl9u