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Blue Buffalo Pet Products (BUFF) Announces Pricing Of Secondary Offering

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Blue Buffalo Pet Products Inc. (BUFF - Free Report) announced today the pricing of a secondary offering of its common stock, as existing shareholders are looking to sell 15 million shares of common stock. The underwriters of the offering will have a 30-day option to purchase up to an additional 2.25 million shares of common stock.

The price of the offering is $22 per share, and it is expected to close next week on July 5th. Joint book-running managers for the offering include JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) , Barclays Inc (BCS - Free Report) , Deutsche Bank (DB - Free Report) , and Morgan Stanley (MS - Free Report) .

Blue Buffalo is up nearly 26% year-to-date, and was up over 1% Wednesday after news of the pricing was released. BUFF is currently a Zacks Rank #2 (Buy) stock, with an A for its Growth Style Score, and a B for its Momentum Score.It will be interesting to see if next week’s closure of the deal will have any effect on the stock moving forward.

 

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