BUZZ-Keurig Dr Pepper drops after top holder JAB's share sale priced

Keurig Dr Pepper's KDP.O shares down 3% to $32.73 before the bell after secondary offering priced

Massachusetts-based beverage co announces 73 mln shares sold by JAB Holding Co at $32.80

Offering price is 2.8% discount to stock's last close

European investment firm JAB's stake goes from ~16% to 10.7%, or ~145 mln shares

JAB has agreed to a 90-day lock-up on its remaining shares with sole underwriter JP Morgan

KDP has ~1.36 bln shares outstanding for ~$45.8 bln market cap

Joachim Creus, Frank Engelen and Olivier Goudet, three members of KDP's board who are affiliated with JAB, notified KDP they will resign from the board upon offering's completion

JAB took Keurig Green Mountain private in 2016 and then became the largest shareholder of combined co after its 2018 merger with Dr Pepper Snapple

Through Weds close, KDP shares up 5% YTD. That compares to 6.1% advance in S&P 500 Consumer Staples sector .SPLRCS and 1.3% gain for S&P 500 .SPX to start the year

Early Tues, KDP posted Q4 profit beat and forecasted 2025 profit above consensus, helped by strong demand for its higher-priced sodas and sports drinks