Please ensure Javascript is enabled for purposes of website accessibility

Armstrong World Industries Secondary Stock Issue Floated

By Eric Volkman – Nov 12, 2013 at 10:01AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Two key stockholders in the company are selling a combined 6 million shares.

Armstrong World Industries (AWI 0.36%) is about to see a large chunk of its equity change hands. The company announced last week that two of its major shareholders, The Armstrong World Industries, Asbestos Personal Injury Settlement Trust and Armor TPG Holdings,are floating a combined 6 million shares of the company's stock common stock in an underwritten secondary public issue. The price is $51.00 per share. 

The company did not provide the reasons why the Trust and Armor TPG Holdings are selling their stakes. It did not respond to requests from The Motley Fool for more information.

In the press release announcing the offering, Armstrong pointed out that it will receive no proceeds from the sale, as it is not a selling party.

The joint book running managers of the issue are Citigroup and the Securities arm of Deutsche Bank. The offering is expected to close "on or about" Wednesday. 

Currently, Armstrong has just over 54 million shares outstanding, and its stock's last closing price was $50.52 per share.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Armstrong World Industries Stock Quote
Armstrong World Industries
$84.12 (0.36%) $0.30

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 10/06/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.