SOUTH PLAINFIELD, N.J. (AP) -- Tumi Holdings Inc. said Tuesday that some of its stockholders are selling more than 10 million shares of the luggage company in a secondary offering.
The company said the stockholders are offering 10.14 million shares of Tumi common stock and have granted underwriters the option to purchase up to 1.5 million additional shares to cover over-allotments.
Tumi, which has about 67.9 million shares outstanding, will not receive any proceeds from the offering.
Goldman Sachs & Co. and Credit Suisse Securities LLC, along with J.P. Morgan Securities LLC, are the joint book-running managers. William Blair & Co. LLC and Jefferies LLC are acting as co-managers for the offering.
Shares of Tumi, based in South Plainfield, N.J., fell 2 percent to $22.65 in after-hours trading following the announcement. The company went public last April at $18 per share.