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Generac withdraws plan to sell 11 million shares shortly before opening bell

News comes shortly before bell on Tuesday

Nov. 28, 2012

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opening bell, after the generator maker announced that a secondary offering of 11.5 million of its shares was being withdrawn.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.

-Associated Press

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Weekend Happenings

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Lake Country Carvers Annual Show & Sale: 10 a.m.-4 p.m. Aug. 1, Life Enrichment Center, 1306 W. Wisconsin Ave., Oconomowoc. See the works of talented carvers and vote for your favorite. There will be carvings available for sale and a silent auction. Food available. (262) 567-8768, www.oconomowoc.org

Live Music: 6:30 p.m. July 31; 6 p.m. Aug. 1, Seven Seas, 1807 Nagawicka Road, Hartland. Enjoy drinks and dancing while listening to Brian “That Sax Guy” featuring smooth jazz, live saxophone, clarinet, trumpet and more. www.sevenseaswi.com

Hawk’s Inn Historical Museum Tours: 1 p.m. Aug. 1, Hawks Inn Visitor Center, 426 Wells St., Delafield. Tour this historical inn which is on Wisconsin Landmark on the National Registry of Historic Sites. Open 1 to 4 p.m. Saturdays through Oct. 24. Free.

Sussex Farmers Market: 10 a.m.-2 p.m. Aug. 2, Armory Park, W239 N5664 Maple Ave, Sussex. Locally grown fruits and vegetables plus eggs, meat, honey, fresh flowers, soaps and candles

Updates to this calendar are made weekly Monday afternoon. 

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