Pike Electric Closes Secondary Stock Issue

Pike Electric (NYSE: PIKE  ) has seen a shift in minority ownership following the completion of a secondary public offering of the company's common stock. Eight million shares formerly held by private equity firm Lindsay Goldberg were sold in the issue, at a price of $11.50 apiece. Also, the offering's underwriters exercised their option to buy just over 1 million additional shares from the seller.

In the press release announcing the news, Pike Electric stressed that it will receive no proceeds from the issue, as it was not the selling party.

The company also announced that it repurchased $40 million worth of its own stock from the selling shareholder. That equates to more than 3.66 million shares, for which the company paid $10.925 apiece. The company has subsequently cancelled those shares.

The joint book-running managers of the offering were JPMorgan Chase subsidiary J.P. Morgan, and Bank of America's Merrill Lynch.

At the moment, Pike Electric has more than 35 million shares outstanding.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2445363, ~/Articles/ArticleHandler.aspx, 9/20/2014 3:59:31 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement