Driven Brands drops as sponsor slices stake in secondary offering

Driven Brands Holdings

13/09/2022 14:29

** Driven Brands Holdings  DRVN.O  shares down 6.5% at
$32.10 premarket on secondary offering
    ** Automotive services franchiser announces 7 mln shares
sold by Roark Capital Management  urn:newsml:reuters.com:*:nPn2jXj6va
    ** Sources say offering prices at $32.45, 5.5% discount to
stock's Mon close 
    ** Sale takes PE firm's stake from ~65% to ~61%, roughly
-101 mln shares
    ** BofA and Morgan Stanley sole bookrunners for offering
    ** Shares have risen ~25% this qtr through Mon close, and
hovering near record highs
    ** Avg rating among 7 analysts is "buy"; median PT is $39 -
per Refinitiv

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))