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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opening bell, after the generator maker announced that a secondary offering of 11.5 million of its shares was being withdrawn.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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Chili Fest: 8 a.m.-5 p.m. Jan. 31, Downtown Oconomowoc. Stroll the downtown shops and sample chili at some 25 usinesses. Purchase a wristband for $5, or $3 with two food pantry items. Fowler Lake in downtown Oconomowoc will have ice skating, DJ music and a visit from Roscoe, the Milwaukee Admirals mascot as well as an ice hockey tournament. There’ll also be food, a beer tent, ice carvers, snow softball tournament and ice fishing clinic. www.downtownoconomowoc.org

Unforgettable — OAC Film Series: 7 p.m. Jan. 31, Oconomowoc Arts Center, 641 E. Forest St., Oconomowoc. Film tells the amazing story of Brad Williams featured on “60 Minutes.” Williams has superior autobiographical memory and can remember details of his entire life. Call (262) 567-3172 for information. $10 http://www.theoac.net.

Paul Monitor Autograph Signing: 12 p.m. Jan. 31, Legends of the Field, 2910 Golf Road, Delafield. Legends of the Field is having a public autograph signing and welcome back to Milwaukee for former Brewers All-Star and current Minnesota Twins Manager Paul Molitor noon to 1:30 p.m.

 

Dave Miller Band: 9:30 p.m. Jan. 31, Delafield Brewhaus, 3832 Hillside Drive, Delafield. Band plays until 12:30 a.m. Call (262) 646-7821 for more information. http://www.DavidMiller.us.

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