Monday, alcoholic and non-alcoholic beverages company Central European Distribution Corp. (CEDC) said it has commenced an underwritten public offering of about 8.2 million common shares, of which 5.5 million shares will be offered by the company and 2.7 million shares by a selling stockholder.
The selling stockholder, Mark Kaoufman, received his shares as consideration for the acquisition of the company's interest in The Whitehall Group. The company noted that it will not receive any proceeds from the sale of common stock by the selling stockholder.
CEDC also intends to grant the underwriters an option for a period of 25 days to purchase up to 0.82 million additional shares of common stock to cover any over-allotments.
Jefferies & Company and UniCredit will act as joint book-running managers and joint global coordinators and Renaissance Securities Ltd. will act as co-lead manager for the offering.
CEDC is currently trading at $22.27, down 8.39% on the Nasdaq.
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