Jarden raises offering to 15 million shares
Jarden increases size of offering to 15M shares from 11.6M shares; priced at $47 per share
RYE, N.Y. (AP) -- Consumer products company Jarden is increasing the size of a planned public stock offering to 15 million shares from 11.6 million shares and is pricing the stock offering at $47 per share.
The Rye, N.Y., company said proceeds from the offering will help fund its planned $1.75 billion acquisition of Yankee Candle announced earlier this week. Jarden's brands already include Coleman, Mitchell, Rawlings, Crock-Pot and Mr. Coffee.
The company is giving the underwriters a 30-day option to buy up an additional 15 percent of the 15 million shares being offered, or about 2.3 million shares.
Jarden anticipates $781.4 million in net proceeds from the offering if the underwriters fully exercise their option.
On Tuesday, Jarden Corp. announced it has agreed to buy Yankee Candle from Madison Dearborn Partners LLC and said it expects the deal to close in the fourth quarter. If the company doesn't close on the Yankee Candle acquisition, it plans to use the stock offering's proceeds for general corporate purposes.
The offering is expected to close on Tuesday.
Shares of Jarden added 2 cents to $47.21 in midday trading Thursday.
