AIG Announces Launch of Secondary Offering of 35M Corebridge Financial, Inc Stock
Portfolio Pulse from Benzinga Newsdesk
AIG has announced a secondary offering of 35 million shares of Corebridge Financial (CRBG) stock, with an option for the underwriter to purchase an additional 5.25 million shares. AIG will remain the majority shareholder after the sale, and all proceeds will go to AIG. J.P. Morgan is the underwriter, and shares will be sold at market or negotiated prices.
December 01, 2023 | 11:10 am
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NEUTRAL IMPACT
AIG is offering 35 million shares of CRBG, with proceeds going to AIG. They will remain the majority shareholder after the offering.
While the sale of shares will provide liquidity to AIG, it is not directly diluting AIG's stock. AIG remains the majority shareholder, indicating continued confidence in CRBG. The impact is neutral as the market may have anticipated this move.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
AIG is selling 35 million shares of Corebridge Financial, which may increase the public float and could impact the stock price.
The secondary offering will increase the number of shares available to the public, potentially putting downward pressure on CRBG's stock price in the short term due to increased supply.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90