Annie's shareholders to sell 3.5M shares
Annie's shareholders to sell 3.5M shares in offering at $40 per share for $140M in proceeds
BERKELEY, Calif. (AP) -- Some shareholders of the natural and organic food maker Annie Inc. will sell 3.5 million shares for $40 apiece as part of an offering worth $140 million.
The price represents a 3 percent discount to the stock's Tuesday closing share price of $41.31. Annie's shares edged down 56 cents to $40.75 in premarket trading.
The selling shareholders granted the underwriters — Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC — a 30-day option to buy up to an additional 525,000 shares to cover strong demand. Annie's will not receive any of the proceeds from the offering.
Annie's has agreed to buy back 500,000 shares directly from the shareholders when the offering closes in a private deal at the underwriter price.
