Madison Square Garden Prices Public Offering Of 7.15M Common Shares At $32.50/Share And Plans To Repurchase 1,602,564 Shares For ~$50M At $31.20/Share
Portfolio Pulse from Benzinga Newsdesk
Madison Square Garden Entertainment Corp. (MSGE) has priced its public offering of 7.15 million common shares at $32.50 per share. The company also plans to repurchase 1,602,564 shares for approximately $50 million at $31.20 per share.
September 20, 2023 | 6:51 am
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MSGE's public offering and share repurchase plan could potentially dilute existing shares but also shows confidence in the company's stock.
The public offering could dilute the value of existing shares, potentially leading to a short-term decrease in stock price. However, the planned share repurchase indicates that the company believes its stock is undervalued, which could offset the dilution and stabilize the stock price.
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RELEVANCE 100