Michael Kors Secondary Share Offering Assisted by Guidance
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…
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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
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
