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Liberty Media prices Formula One secondary offering

Published 09/20/2017, 02:06 PM
© Reuters.  Liberty Media prices Formula One secondary offering
FWONA
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FWONK
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  • Liberty Media A shares (NASDAQ:FWONA) are 0.8% lower after the company priced a secondary offering for selling stockholders of its Series C shares (FWONK -0.6%).
  • The stockholders are unloading 17,697,330 shares at $37.40/share. FWONK is currently quoting at $38.09.
  • Shares were acquired by the selling stockholders as part of Liberty's acquisition of Formula 1; about 14.5M of them are being issued to the stockholders in return for $323.2M in exchangeable notes.
  • When the offering closes, the selling stockholders of Formula 1 will own about 3% of the equity of the Formula One Group.
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