The chief beneficiary of the offering will be KKR & Co. (NYSE: KKR) through its Bucks Holding affiliate. Last September KKR and Bucks Holding sold 29.6 million shares of Dollar General stock, and the company repurchased another 4.7 million shares in a $250 million buyback. Bucks Holding’s stake in the company will drop from 16.5% to 7.5%, not including the underwriter’s option, and 6.5% including the option.
Among other sellers are five of Dollar General’s executive officers, none of whom owns more than 1% of the company’s stock before the offering.
No date or offering price has been set for the sale.
Dollar General’s shares closed at $52.22 last night in a 52-week range of $39.73 to $56.04. Shares are down about 2.5% in premarket trading this morning, at $50.91.
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