UPDATE 1-Kid Brands' stockholder to sell shares at $7.25 apeice
* Says secondary offering priced at $7.25/shr
* D.E. Shaw Laminar Portfolios to sell 4.4 mln shares
* Price excludes underwriting commission, discounts
June 10 (Reuters) - Kid Brands Inc (KID.N) said one of the company's stakeholders has decided to sell 4.4 million shares in the juvenile consumer goods maker at $7.25 apiece in a secondary public offering, sending the company's shares down 7 percent.
The offering by D. E. Shaw Laminar Portfolios, which has 4,399,773 shares in the company, excludes the underwriting commission to Roth Capital Partners.
"The company will not recive any proceeds from the offering. Further, the company is not issuing any new shares and the offering will not be dilutive to earnings per share," Kid Brands said in a statement.
Shares of the company, which designs products for infants and juveniles, fell as much as 8 percent to touch a low of $7.15 in Thursday morning trade on the New York Sock Exchange. They later covered some ground to trade 53 cents lower at $7. (Reporting by Shobhana Chadha in Bangalore; Editing by Vyas Mohan)
- Tweet this
- Share this
- Digg this