Core & Main hits fresh record as CD&R exits

Core & Main

23/01/2024 17:08

** Core & Main's  CNM.N  stock hits fresh record high on
Tues as PE firm Clayton, Dubilier & Rice (CD&R) divests
remaining stake in the water pipe distributor
    ** CNM rises as much 1.2% to record high $42.30 on the
session
    ** Core & Main late Mon announced secondary offering of
~19.78 shares and repurchase of 5 mln shares from CD&R
    ** JP Morgan and Citigroup jt bookrunners for offering,
which priced at $41.50, according to market sources
    ** With the transactions, CD&R sells its remaining holdings,
per the prospectus filing, and Core & Main will have ~201.2 mln
shares outstanding
    ** Just two weeks ago, CD&R shed 20 mln shares in similarly
structured deal priced at $38.45
    ** CNM last up 0.1% at $41.85 and has roughly doubled over
the past year

 (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))