Generac withdraws plan to sell 11 million shares shortly before opening bell
News comes shortly before bell on Tuesday
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opening bell, after the generator maker announced that a secondary offering of 11.5 million of its shares was being withdrawn.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.
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