REV Group drops as PE sponsor slashes holdings

Rev

14/03/2024 13:23

** REV Group's  REVG.N  shares down 4.4% at $18.35 before
the bell after heavy vehicle maker's secondary offering priced
    ** Co late Weds announced ~7.4 mln shares sold by American
Industrial Partners at $18, 6.2% discount to stock's last sale
    ** Private equity sponsor American Industrial owned ~9.2 mln
shares, or ~17.7% voting stake, per the SEC prospectus filing
    ** Co has 51.8 mln shares outstanding
    ** REVG up 25% YTD through Weds, and has risen nearly 90%
over the past 12 months
    ** Goldman Sachs and Morgan Stanley are jt bookrunners for
secondary 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))