MILWAUKEE — Rexnord Corp. said Monday that its largest shareholder plans to sell 11 million of its shares through a public offering.
Apollo Global to sell 11M of its Rexnord shares through public offering
June 17, 2013 at 1:25PM
The shares are being sold by Apollo Global Management LLC, which bought Rexnord in 2006. The company went public in March 2012.
The Milwaukee, Wis.-based manufacturer of power transmission and water management products will not issue shares in the offering and will not receive any of the proceeds.
Apollo Management has granted the offering's underwriters — Deutsche Bank Securities Inc., Goldman, Sachs & Co., BofA Merrill Lynch and Credit Suisse Securities (USA) LLC — an option to buy up to an additional 1.7 million shares of common stock.
According to FactSet, Apollo remains the company's largest shareholder with 62.6 million shares for a 64.4 percent stake.
Rexnord shares closed at $17.92 last Friday. They have traded in a range of $14.87 to $22.45 in the past year.
about the writer
Republicans across the country benefited from favorable tailwinds as President-elect Donald Trump resoundingly defeated Democrat Kamala Harris. But that wasn’t the whole story in Minnesota.
