Sabre Announces Repurchase in Secondary Stock Offering By Shareholders
On June 5, Sabre Corporation announced that two existing shareholders, TPG Global and Silver Lake Management Company, would be selling 16,000,000 of the company’s common shares in a secondary offering. As part of the agreement, Sabre will repurchase 1,000,000 of those 16,000,000 shares directly from the underwriter. Sabre expects to fund the purchase from its cash on hand, and the company will not receive any of the proceeds from the secondary share offering.
Sonal sent an alert to subscribers at 7:04 am. The next trade took place for $24.70 at 8:17 am. Regular market trading opened at $24.63. After a small gain on the event day, the stock price continued to move higher over the next five trading sessions. Sabre closed at $26.21 on June 12 for a gain of over 6%.
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