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JELD-WEN's stock sinks after largest shareholder plans to sell off its entire stake

·1 min read
JELD-WEN's stock sinks after largest shareholder plans to sell off its entire stake
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Shares of JELD-WEN Holding Inc. sank 7.0% in premarket trading Monday after the building products company said its largest shareholder is selling off its entire stake, equating to about 15% of the shares outstanding, with the company planning to buying back close to half of the shares being sold. Based on Friday's stock closing price of $29.40, the offering would be valued at about $437.56 million. The price of the offering has not yet been determined. JELD-WEN said it will not receive any proce