TD Synnex falls as Apollo slashes stake in upsized secondary offering

TD Synnex

28/03/2024 12:30

** Shares of IT solutions co TD Synnex  SNX.N  down 5.7% at
$109.40 before the bell after secondary offering priced
    ** Co late Weds said Apollo Global Management  APO.N  sold
10.5 mln shares, up from 9 mln shares
    ** Offering priced at $109, 6% discount to stock's last
sale, thefly.com reports
    ** Also, co to repurchase 500,000 of offering shares from
underwriters JP Morgan, Barclays, BofA and Mizuho 
    ** Offering reduces PE firm Apollo's holdings to ~6.9 mln
shares, or from 19.8% to about 8% stake, per SEC prospectus
filing
    ** SNX gained 10% this week through Weds. Co early Tues
posted Q1 profit beat and announced $2 bln stock buyback
    ** Shares up ~26% 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))