Cactus falls on $125 mln stock offering to fund acquisition

Cactus

10/01/2023 21:37

** Cactus Inc's  WHD.N  shares down ~4% after hours as
oilfield equipment maker launches equity offering to fund recent
acquisition
    ** WHD announces $125 mln stock offering  urn:newsml:reuters.com:*:nBw8bgpRZa
    ** On Jan 3, WHD entered deal to buy FlexSteel Technologies
Holdings  FLXS.O  and its affiliates for approx $621 mln
    ** Sources say sole bookrunner JP Morgan marketing equity
offering in range of $53.00-$54.50, up to 6.8% discount to
stock's last sale
    ** WHD's stock rose for 5th straight session on Tues,
closing up 2.9% at $56.86 for roughly $4.3 bln market cap, per
Refinitiv
    ** Stock has climbed 13% to start 2023 and has gained 35%
over the past 12 months
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))