Chewy down as BC Partners to reduce stake in stock offering, buyback

Chewy

11/12/2024 21:47

** Shares of Chewy  CHWY.N  down 2.7% to $31.65 in extended
trading after online pet products retailer commences secondary
offering, concurrent buyback
** Co announces $500 mln share offering with private equity firm
BC Partners as the seller
    ** Barclays is sole underwriter
    ** In addition, Chewy to repurchase $50 mln worth of shares
from its largest investor
    ** Based on CHWY close price of $32.54, BC Partners would
offload about 17 mln shares
    ** CHWY finished session up 3.7%, up 38% YTD
    ** Co has ~408.3 mln shares outstanding for ~$13.3 bln
market cap, according to LSEG data
** Last Weds, co posted Q3 adj EPS of $0.01 and rev of $2.9 bln
vs consensus estimates of $0.08/$2.9 bln - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))