HOUSTON (AP) -- Mattress Firm Holding Corp. said Thursday that some of its shareholders plan to sell 4.7 million shares of the company's common stock through an offering.
The Houston-based bedding retailer said the stockholders also have also granted the offering's underwriters a 30-day option to buy up to an additional 709,002 shares of common stock.
While no price or date was disclosed for the offering, the company's shares fell $1.06, or 3.3 percent, to $31.07 in premarket trading.
Mattress Firm said it's not selling any of the shares and will not receive any of the proceeds from the sale.
The selling shareholders include investment funds associated with Neuberger Berman Group LLC, which are selling 3 million shares, and investment funds associated with J.W. Childs Associates LP, which are selling 1.5 million shares. When the offering is completed, the J.W. Childs funds will own about 56 percent of the company's outstanding common stock, assuming the over-allotment option isn't exercised.
In addition, Mattress Firm said that certain members of its management are selling 194,987 shares.
Barclays Capital Inc., UBS Securities LLC and Citigroup Global Markets Inc. are the offering's joint underwriters.