48°

Lake Country Weather

  • Log-in Edit profile
  • Register Logout

Advertisement

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opening bell, after the generator maker announced that a secondary offering of 11.5 million of its shares was being withdrawn.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

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Advertisement

Advertisement

Advertisement

Advertisement

Advertisement

Weekend Happenings

Featured this week:  

The Madison Area Concert Handbell Ensemble: 2:30 p.m. May 9, St. Paul’s Lutheran Church, 210 E. Pleasant St., Oconomowoc. One of the largest and finest handbell ensembles in the state of Wisconsin with numerous octaves of bells and chimes. (262) 567-5001, www.splco.org, Free.

Healthy Indian Cooking with Alamelu: 1 p.m. May 9, Delafield Public Library, 500 Genesee St., Delafield. Explore, learn and taste the range of flavors found in healthy Indian cuisine. The PBS cooking show presenter and author of several cookbooks, Alamelu Vairavan, emphasizes easy to prepare aromatic and flavorful foods. Book signing to follow. Free.

St. Joan of Arc Pasta Dinner: 5:30 p.m. May 8, St. Joan of Arc School, 120 Nashotah Road, Nashotah. Adults $5, children and students $3, children 3 and under free. Beer and wine $3. all inclusive wristband $15.

Outdoor Composting to Suit Your Site Workshop: 10 a.m. May 9, NuGenesis Farm, N68 W33208 County Road K, Oconomowoc. A presentation handout, composting pamphlets from the Wisconsin DNR and weather permitting, a short outside demo and tour of NuGenesis will all be included. $15 recommended donation.

Updates to this calendar are made weekly Monday afternoon. 

 

All weekend happenings

 

Advertisement