2023-09-08 08:19:18 ET
Pest control specialist Rollins (NYSE: ROL) was not having a good week on the stock market. According to data compiled by S&P Global market Intelligence , as of early Friday morning the company's share price had weakened by over 9% week to date. The announcement of a share sale was a key reason for the decline.
On Wednesday, Rollins revealed that its top institutional shareholder, LOR, would be divesting $1.35 billion worth of the company's common stock in a public offering. The following day, it said the issue's price would be $35 per share, which was well lower than the nearly $40 level the stock traded for at the beginning of the week.
The offering's underwriters, led by Goldman Sachs and Morgan Stanley , have been granted a 30-day option to buy up to a combined $202.5 million worth of additional stock.
For further details see:
Why Investors Were Bugged About Rollins Stock This Week