BUZZ-Ingram Micro slips on Platinum Equity's $358 mln share offload
INGM•Stock performance and analyst view
- Through Tuesday's close, INGM stock was up 33% year to date.
- Seven of 15 analysts rate the stock "strong buy" or "buy," while eight rate it "hold"; the median price target is $33, according to LSEG data.
Platinum Equity stake and company repurchase
- INGM said it will repurchase 625,000 of the offering shares from sole underwriter Goldman Sachs.
- Beverly Hills-based investment firm Platinum Equity, founded by billionaire businessman Tom Gores, owns 71.4% of INGM's roughly 230 million shares outstanding, according to the prospectus.
Shares fall after secondary offering pricing
- IT products distributor Ingram Micro's INGM.N shares were down 3.1% at $27.50 before the bell on Wednesday after pricing of a secondary offering.
- Irvine, California-based INGM late Tuesday announced pricing of about 13.1 million shares offloaded by an affiliate of Platinum Equity at $27.25 apiece, for about $357.7 million.
- The offering was priced at a 4% discount to the stock's last sale.
