- Pet Valu Holdings (PET) has increased its secondary bought deal offering to C$168M
- The underwriters have agreed to purchase 4.5 million common shares of the company at a purchase price of C$37.40 per share
- The net proceeds will be paid to the selling shareholders. The company will not receive any proceeds from the offering
- The offering is expected to close on or about November 17, 2022
- Pet Valu is a retailer of pet food and pet-related supplies
- Pet Valu Holdings Ltd. (PET) opened trading at C$39.36
Pet Valu Holdings (PET) has increased its secondary bought deal offering to C$168M.
The selling shareholders (PV Holdings S.à.r.l., Roark Capital Partners II AIV AG, L.P., RCPS Equity Cayman LP and Roark Capital Partners Parallel II AIV AG, L.P.) have entered into a revised agreement with a syndicate of underwriters led by CIBC Capital Markets, Barclays and RBC Capital Markets to increase the size of the offering. Under the revised agreement, the underwriters have agreed to purchase 4.5 million common shares of the company at a purchase price of C$37.40 per share for total gross proceeds to the selling shareholders of approximately C$168 million.
The selling shareholders have granted the underwriters an over-allotment option, exercisable, in whole or in part, to purchase up to an additional 15 per cent of the offering.
The net proceeds will be paid directly to the selling shareholders. The company will not receive any proceeds from the offering.
The offering is expected to close on or about November 17, 2022.
Pet Valu is a retailer of pet food and pet-related supplies with over 700 corporate-owned or franchised locations across the country.
Pet Valu Holdings Ltd. (PET) opened trading at C$39.36.