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opening bell, after the generator maker announced that a secondary offering of 11.5 million of its shares was being withdrawn.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

A Holiday Bazaar and Craft Fair will be held from 9 a.m. to 4 p.m. Saturday, Nov. 1, and 8 a.m. to noon Sunday, Nov. 2, at St. Jerome Parish School, 1001 S. Silver Lake St. The bazaar will feature handcrafted items, a raffle and Sweet Shop treats. A luncheon, which includes a beverage and dessert, will be $7 and served from 11 a.m. to 1 p.m. Saturday, Nov. 1. Admission is free.
The Four Guyz in Dinner Jackets Doo-Wop Quartet will entertain from 7 to 9 p.m. Saturday, Nov. 1, at St. Olaf’s Church, Highway O and Roosevelt Road in the town of Ashippun. Cost is $20 adults in advance, $25 at the door if seats are available. Call (414) 651-3915 for tickets.
A Supreme Breakfast will be held from 8 a.m. to 12:30 p.m. Sunday, Nov. 2, at St. Bruno Church, 266 W. Ottawa Ave., Dousman. Breakfast includes pancakes, French toast, sausage, eggs, hash browns, orange juice and coffee.Proceeds to benefit charities in the Dousman area. Hosted by the Dousman Knights of Columbus Council 6436 with the Dousman Masonic Lodge 315. Cost is $7 adults, $3 children under 10.
The Oconomowoc Winter Farmers Market will open for the season and celebrate five years starting at 9:15 a.m. Sunday, Nov. 2, at Oconomowoc Landscape Supply and Garden Center in Oconomowoc. From 9:15 to 9:30 a.m. will be a ribbon cutting; 10:15 to 10:30 a.m. will be birthday cake cutting and presentation by Alice in Dairyland. The market will be open 9:30 a.m. to 1 p.m. Sundays through March 2015, except Nov. 30 and Dec. 28. For more information, visit www.oconomowoc.org.

Updates to this calendar are made weekly Monday afternoon. 

 

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