Cafe operator Caribou Coffee Co. Inc. announced Thursday that it has priced at $14.25 a share the public offering of 5.15 million shares of common stock held by its major shareholder. The company has about 20.7 million shares outstanding. It won't receive any proceeds from the sale.
The offering is expected to close on Aug. 23, the company said in a news release. The shareholder, Caribou Holding Co. Ltd., is an affiliate of Bahrainian investment firm Arcapita Bank BSC. Caribou Holding Co. also is giving the underwriters of the offering an option to buy up to 772,245 additional shares to cover any excess demand.
Caribou Coffee, based in Brooklyn Center, Minn., is the No. 2 coffeehouse chain in the U.S. after Starbucks Corp. The company reported earlier this month that its second-quarter net income jumped 83 percent as revenue from its coffee stores, commercial sales and franchises rose.
Jefferies & Co. was lead manager for the offering, while Robert W. Baird & Co. and William Blair & Co. were managers, and Craig-Hallum Capital Group was co-manager. Caribou Coffee shares fell $1.37, more than 9 percent, to $13.38 by mid-afternoon amid a market plunge sparked by worries about the weakening economy.
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