CCC Intelligent Solutions drops as #1 holder Advent trims stake
04/01/2024 16:57
** CCC Intelligent's CCCS.O stock gapped down early Thurs
as private equity sponsor Advent International trims its stake
by roughly 3% in the P&C insurance software firm
** CCCS shares opened down 2.8% at $10.60, lowest since Oct
30. Stock last off 0.8% at $10.82 and on course to fall for 6th
straight session
** Co early Thurs announced 22 mln shares, up from 20 mln,
sold by Advent in secondary offering
** Deal priced at $10.55, 3.3% discount to stock's prior
close, per market sources
** Sale takes Advent's holdings to 263.75 mln shares, or
about 44%
** Advent last cut its holdings in early Nov by offloading
65 mln shares in secondary offering priced at $10.50
** CCCS shares rose 31% in 2023, rebounding from 24% drop in
2022
** JP Morgan, Barclays and Citigroup acting as joint book
runners for this latest offering
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))