Retail
Michael Kors Secondary Share Offering Assisted by Guidance
Published:
Last Updated:
Michael Kors Holdings Ltd. (NYSE: KORS) is cashing in on the huge gains in its share price. At least its insiders and backers are. The luxury apparel retailer has priced a previously announced secondary offering of 23,000,000 ordinary shares at a price of $53.00 per share. All shares are being sold by existing holders. What is keeping the impact from being too bad here is the previously announced higher guidance for the second quarter and for the fiscal year.
The joint book-runners are Morgan Stanley, J.P. Morgan Securities and Goldman Sachs. Co-managers are listed as Robert W. Baird & Co., Jefferies & Company, Nomura Securities and Piper Jaffray & Co. Two firms also listed as underwriters after the co-managers are Lebenthal & Co. and Telsey Advisory Group. In addition, the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 3,450,000 ordinary shares.
As far as how this deal sizes up, Michael Kors shares closed at $54.40 on Monday and the 52-week range is $23.51 to $57.35. The 23 million shares also compares to an average daily volume of about 3.2 million shares and the short interest was roughly 4.24 million shares at the end of August.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
