Savers Value Village slides as Ares to carve stake
BUZZ-Savers Value Village slides as Ares to carve stake ** Thrift operator Savers Value Village's SVV.N shares down 11.9% post-market at $10.40 after secondary offering news
** Bellevue, Washington-based SVV commences 15 mln share offering by Ares private equity, credit funds and accounts
** Also, co to buy up to $10 mln of the offering shares from the underwriters
** JP Morgan, Goldman Sachs, Jefferies and UBS are joint bookrunners
** Prior to the offering, Ares ARES.N held ~117.4 mln shares, roughly 76% of SVV's 154.3 mln shares outstanding, per the prospectus
** SVV stock closed down 4% at $11.80 on Tues. Stock has risen 59% over the past three months, putting it up 26% YTD
** 8 of 11 analysts rate the stock "strong buy" or "buy", 3 "hold"; median PT $14.50, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Savers Value Village drops as Ares slices stake in $205 mln secondary offering