MIAMI LAKES, Fla. (AP) -- BankUnited slid 5 percent in trading Wednesday after a regulatory filing revealed that the company's CEO and other investors plan to sell 19.6 million shares in an underwritten offering.
The bank holding company will not receive any of the proceeds. The selling shareholders also plan to grant the offering's underwriters — Morgan Stanley & Co. LLC and BofA Merrill Lynch — an option to buy an additional 2.9 million shares.
According to a regulatory filing, John Kansas, the company's CEO, plans to sell 800,000 of his shares in the offering. That would leave him with 4.8 million shares, or 4.9 percent, of the company's common stock.
John Bohlsen, the company's vice chairman and chief lending officer, also plans to sell 350,000 of his shares, which would leave him with 2 million shares, or a 2 percent stake.
Other selling shareholders reducing their stakes include funds affiliated with the investment firms The Blackstone Group, The Carlyle Group, WL Ross & Co. and Centerbridge Partners LP.
Shares of BankUnited Inc., based in Miami Lakes, Fla., fell $1.33, or 5 percent, to $27.24 in morning trading, after dropping as low as $26.85 earlier in the session. Over the past 52 weeks, the stock has traded between $22.01 and $28.69.