Birkenstock Prices $1B Secondary Offering at $39.35, 4% Below Market
BIRK sits 32% above its 52-week low of $31.12 on elevated volume (2.4× avg).
Summary
Birkenstock priced a secondary offering of 25.5 million shares at $39.35, a 4% discount to the last close of $41.00. The offering is by L Catterton affiliate MidCo, with a concurrent $500 million share repurchase by the company. This follows the FWP filed yesterday announcing the $1 billion secondary offering. The pricing confirms the deal size and discount, which is modest for a block of this size. The concurrent buyback partially offsets dilution, but the overall transaction increases float. Watch for completion of the offering and any impact on the stock's trading range.
At the time of this announcement, BIRK was trading at $41.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $7.5B. The 52-week trading range was $31.12 to $53.53. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.