Generac withdraws plan to sell 11 million shares shortly before opening bell
News comes shortly before bell on Tuesday
Shares of Generac Holdings Inc. rose before Tuesday's opening bell, after the generator maker announced that a secondary offering of 11.5 million of its shares was being withdrawn.
The news came less than a day after the company originally announced the offering.
Generac said that the selling stockholders - which included members of the company's board, its senior management and funds affiliated with CCMP Capital - were withdrawing it due to market conditions.
In addition to the 11.5 million shares, the offering's underwriters would have had an option to buy up to 1.7 million additional shares.
The selling stockholders would have received all of the proceeds from the sale. No shares were being sold by the company.
Generac shares have risen sharply in recent weeks, boosted by a spike in demand for power generating equipment stemming from Superstorm Sandy.
In the weeks since the storm hit the East Coast, the company's shares have gained about 13 percent.
But the shares lost about 9 percent after a day of heavy trading Monday, following Generac's announcement of the offering.
In Tuesday's premarket session, Generac shares rose $1.74, or 5 percent, to $33.75.
Top stories from the Lake Country area. Tuesday afternoons and Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
Click here for stories
on community pride
Do you have news or a nonprofit event that you would like to share with the community? Whether it's a community organization, a business, a local school, or a notable neighbor, we'd love to hear about it.
- AAUW Oconomowoc awarding two local scholarships
- Community Blood Drive Hosted by Christ the King Church of Delafield
- Waukesha BluesFest Announces 2014 Entertainment Line-up - Tickets on Sale Tues., April 15
- Christ the King Presents Good Friday Cantata; Easter Services Announced
- Free Community Open House
- Midwest Penguins Announce Expanded Big Ball Bash Volleyball Event May 2 & 3
- "Be the Voice of Catholic Women!" Attend the MACCW Convention!
- Hamilton performs at Jazz Festival
Lake Country residents share their views on news, happenings and current events.
LivingLakeCountry.com features more than a dozen community bloggers - a group of volunteer conversation leaders who are up on the latest topics and never short on an opinion. Just a few are pictured here. Check out the rest and see what they have to say!
View All Blogs
Do you want to become a Community Blogger? LivingLakeCountry.com welcomes your thoughts and opinions. Contact us for more information:
I want to blog