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opening bell, after the generator maker announced that a secondary offering of 11.5 million of its shares was being withdrawn.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

Featured this week:  

The Art of the Bicycle: 11 a.m. Nov. 21, 26, Delafield Arts Center, 719 Genesee St., Delafield. Diane Lehman, Peter Kudlata and Wheel & Sprocket. Gallery hours are 11 a.m.-4 p.m. Wednesday through Friday and 11 a.m.-3 p.m. first and third Saturdays and by appointment, Free www.delafieldartscenter.org.

Organ Concert: 1:30 p.m. Nov. 21, St. Jerome Catholic Church, 995 S. Silver Lake St., Oconomowoc. Oconomowoc Music Club is hosting a concert by renowned organist Dr. Simone Gheller. Refreshments will be served after the concert. Free.

Yuletide Faire: 5-9 p.m. Nov. 21; 9 a.m.-3 p.m. Nov. 22, Prairie Hill Waldorf School, N14-W29143 Silvernail Road, Pewaukee. $4 in advance or $5 at the door for adults and $1 in advance or $2 at the door for children under 15. Features strolling minstrels and costumed characters, puppet shows, storytelling, candle dipping, face painting, children’s craft workshops, children’s holiday shopping, live music, silent auction, children’s book sale, natural toys, 35 vendors, warm food, homemade desserts, candies, nuts and other treats. 

Fashionable Tidings Gala Luncheon: 11 a.m.-2 p.m. Nov. 22, Country Springs Hotel, 2810 Golf Road, Pewaukee. Holiday fashions of local clothiers Paul Bruce Goodman and Liebling Leather. Music by Brusubardis String Ensemble. Lunch includes shrimp scamp and angel hair pasta with vegetables provencale. Wine tasting  and auction. Benefits Waukesha Choral Union. $35. Call (414) 297-9310 for tickets. www.choralunion.org.

Updates to this calendar are made weekly Monday afternoon. 

 

All weekend happenings.