Published
Jun 18, 2010
Jun 18, 2010
Ralph Lauren sells 9 million shares
Published
Jun 18, 2010
Jun 18, 2010
Premium lifestyle products leader, Ralph Lauren Corporation decides, in its 43rd year of existence, to sell common stock shares so that CEO Mr Lauren can diversify his individual investments.
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Ralph Lauren - SS 2010 |
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Polo Ralph Lauren Corporation (NYSE: RL) announced on June 14th 2010 that it has commenced an underwritten secondary public offering of 9.0 million shares of Class A common stock.
The 4.9 billion dollar company (RL 2010 annual report) is leader in the design, marketing and distribution of premium lifestyle products: home, apparel, accessories and fragrances, and constitute one of the world's most widely recognized families of consumer brands.
The shares for sale were priced at a public offering price of $81 per share. J.P. Morgan, Goldman, Sachs & Co., Deutsche Bank Securities and UBS Investment Bank, the underwriters of the offering, have a 30-day option to purchase up to an additional 1.35 million shares of Class A common stock from Mr. Lauren.
Even though annual revenue is down 1% this year compared to 2009 the American brand maintain that the sale is part of Mr Lauren’s individual asset diversification plan. The CEO’s role will remain unchanged and he and his family will still retain a significant controlling interest in the corporation.
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