Beacon Roofing Supply, Core & Main dip as CD&R sells shares

Core & Main

07/12/2023 16:38

** Beacon Roofing Supply's  BECN.O  stock down 3.2% at
$79.53, and shares of water pipe distributor Core & Main  CNM.N 
off 2.2% at $36.37 on Thurs as PE firm Clayton, Dubilier & Rice
monetizes its stakes in secondary offerings
    ** Beacon late Weds announced pricing of 5 mln shares sold
by CD&R with RBC as sole underwriter. Offering priced at $80.10,
2.5% discount to last sale, sources say
    ** Core & Main late Weds announced 15 mln share offering
with Citigroup and JP Morgan as jt bookrunners. That offering
priced at $35.80, a 3.8% discount to last sale, per sources
    ** In addition, Core & Main to repurchase 5 mln shares of
offering shares
    ** CD&R's stake in BECN reduced from 16% to 8% (~5.2 mln
shares), while its holdings in CNM go from about 31% to about
24% (Click here for BECN prospectus filing, and here for CNM
prospectus filing)
    ** With moves on the session, BECN shares still up about 50%
YTD, while CNM shares up nearly 90% in 2023

 (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))