Blue Buffalo Pet Products Inc. (NASDAQ: BUFF) has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding a secondary offering. The selling stockholders will be offering up 14.3 million shares, and at the most recent closing price ($26.09) the offering is valued up to $373.1 million.
JPMorgan and Citigroup are acting as the underwriters and joint book-running managers for the proposed offering.
This is the fastest growing major pet food company in the United States, selling dog and cat food made with whole meats, fruits and vegetables, and other high-quality, natural ingredients. Blue Buffalo is a billion dollar brand and is the number one brand in the Wholesome Natural market segment.
Currently the company has approximately 6% share of the U.S. pet food market and feeds only 2% to 3% of the 164 million pets in the United States. With a proven new user acquisition strategy, it is committed to converting more pet parents into True Blue Believers and continuing to increase share of the attractive $27 billion U.S. pet food market.
Ultimately the company will not receive any proceeds from this offering.
Excluding the move on Tuesday, Blue Buffalo has outperformed the broad markets, with the stock up 39% year to date. Over the past 52 weeks, the stock is up only 24%.
Shares of Blue Buffalo closed Monday at $26.09, with a consensus analyst price target of $28.50 and a 52-week trading range of $15.19 to $27.50. Following the announcement, the stock was down about 6% in early trading indications Tuesday.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
