Ingram Micro Launches 13.1M Share Secondary Offering With Concurrent Buyback
INGM sits 49% above its 52-week low of $19.03.
Summary
Principal stockholder Ingram Holdco (Platinum Equity) is selling 13.125 million shares in a secondary offering, with Ingram Micro concurrently repurchasing stock. Ingram Micro intends to authorize a repurchase of 625,000 shares from the underwriter as part of the offering, funded with cash on hand. The repurchase is part of the company's existing share repurchase program. This follows a pattern of similar transactions—most recently a $330M secondary with a $30M buyback in May. The offering size is material relative to the company's ~$6.5B market cap, but the concurrent repurchase signals management support. No pricing details are provided, so the discount to market remains unknown.
At the time of this announcement, INGM was trading at $28.38 on NYSE in the Technology sector, with a market capitalization of approximately $6.5B. The 52-week trading range was $19.03 to $31.69. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.