TD SYNNEX Announces Launch of Secondary Public Offering of 7.4M Common Stock and Concurrent Share Repurchase of up to $160M by Selling Stockholders
Portfolio Pulse from Benzinga Newsdesk
TD SYNNEX Corporation (NYSE:SNX) announced a secondary public offering of 7.4 million shares held by affiliates of Apollo Global Management. The underwriters have an option to buy an additional 1.1 million shares. TD SYNNEX will not sell any shares nor receive proceeds from this offering. Concurrently, TD SYNNEX will repurchase up to $160 million of its common stock as part of its existing share repurchase program, using existing cash on hand.
January 29, 2024 | 11:45 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
TD SYNNEX's secondary offering and concurrent share repurchase could indicate confidence in the company's stock value, potentially stabilizing or boosting the stock price in the short term.
The secondary offering does not dilute existing shareholders since TD SYNNEX is not issuing new shares. The concurrent share repurchase represents a positive signal to the market, as it suggests that the company believes its stock is undervalued. This could lead to a short-term positive impact on the stock price, as it may be perceived as a vote of confidence by the management in the company's future prospects.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100