Following the announcement yesterday of its intention to acquire candle manufacturer Yankee Candle for $1.75 billion, global consumer products retailer Jarden (NYSE: JAH) said today it will issue 11.6 million shares of stock as part of a common stock offering. Underwriters of the offering will have a 30-day option to purchase an additional 1.74 million shares, according to Jarden's statement.
While Jarden says its stock offering is not "conditioned on the closing of the acquisition of Yankee Candle," proceeds from its 11.6-million-share stock issuance will be used to fund a portion of the deal, assuming it passes a vote by shareholders and customary closing conditions.
Following its 3 -for-2 stock split earlier this year and share repurchase plan, Jarden currently has 112.62 million shares outstanding. Jarden stock closed at $47.43 per share yesterday.