The offering involves 11 million shares currently held by Platinum Equity. Under the terms of the deal, the underwriter has secured a 30-day option to purchase an additional 165 million shares from the firm. Ingram Micro clarified that it is not issuing new equity in this transaction and will not retain any proceeds from the sale.
In section Market Quotes
Ingram Micro Shares Dip Following Platinum Equity Secondary Offering
Shares of technology distributor Ingram Micro slipped 3.6% in Tuesday premarket trading to reach $26, following the pricing of a secondary offering at $25.90 per share. The move comes as private equity firm Platinum Equity offloads a portion of its stake in the company to institutional investors.
Simultaneously, the company has authorized a buyback of 1 million shares directly from the underwriter. This repurchase is slated to settle and close this Wednesday, marking a specific adjustment to the company's capital structure alongside the broader secondary distribution.
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