Core & Main Announces Underwritten Secondary Public Offering Of 15M Shares By Selling Shareholders; Co. Announces That Concurrent With Offering It Expects To Repurchase And Redeem 3.13M Shares And 1.87M Partnership Interests Of Core & Main Holdings, LP
Portfolio Pulse from Benzinga Newsdesk
Core & Main has announced an underwritten secondary public offering of 15 million shares by selling shareholders. Concurrently, the company plans to repurchase and redeem 3.13 million shares and 1.87 million partnership interests of Core & Main Holdings, LP.
December 06, 2023 | 9:45 pm
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NEUTRAL IMPACT
Core & Main is conducting a secondary offering of 15M shares and repurchasing 3.13M shares, which may affect its stock price.
The secondary offering could lead to dilution of existing shares, potentially putting downward pressure on the stock price. However, the concurrent share repurchase indicates a level of confidence by the company in its own stock, which could counteract the dilutive effect. The net impact on the stock price in the short term is uncertain, hence a neutral score is given.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100