Birkenstock slips as L Catterton to offload $1 bln of shares
BUZZ-Birkenstock slips as L Catterton to offload $1 bln of shares ** Shares of German sandal maker Birkenstock BIRK.N down 3.7% post-market at $39.50 after it launches secondary offering
** BIRK announces affiliate of private equity firm L Catterton to part with $1 bln of shares
** Concurrently, co to repurchase $500 mln worth of shares from underwriter JP Morgan
** L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH LVMH.PA, currently owns ~99.4 mln shares, or ~54% stake, per LSEG data
** Arnault owns ~10.4 mln BIRK shares, or 5.6% stake, through his family office, Financière Agache
** BIRK shares jumped nearly 12% to finish at $41 on Thurs after it raised annual rev outlook on strong demand; shares now flat YTD
** 17 of 22 analysts covering the stock rate it "strong buy" or "buy", 5 "hold"; median PT $52
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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