TD SYNNEX Announces Launch Of Secondary Public Offering Of 6.75M Shares Of Common Stock And $280M Concurrent Share Repurchase
Portfolio Pulse from Benzinga Newsdesk
TD SYNNEX Corporation (SNX) has announced a secondary public offering of 6.75 million shares of its common stock held by entities managed by affiliates of Apollo Global Management and other selling stockholders. The underwriters have a 30-day option to purchase up to an additional 1.01 million shares. TD SYNNEX is also authorized to purchase 2.75 million shares as part of the offering, provided the total amount repurchased does not exceed $280 million. The repurchase is part of the company's existing share repurchase program and will be funded from existing cash on hand.
October 10, 2023 | 8:34 pm
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TD SYNNEX's secondary public offering and concurrent share repurchase could potentially dilute the value of existing shares, but the repurchase could also provide support to the stock price.
The secondary public offering could dilute the value of existing shares, which could put downward pressure on the stock price. However, the concurrent share repurchase could provide support to the stock price by reducing the number of shares outstanding. The net impact on the stock price will depend on the relative sizes of the offering and the repurchase, as well as market reaction.
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