Shift4 Payments falls after convertible stock deal unveiled

Payments processor Shift4 Payments' FOUR.N shares fall 6.2% to $84.30 premarket

FOUR launches public offering of 7.5 million shares of 3-year mandatory convertible preferred stock

Proceeds will be used to fund a portion of its $2.5 billion deal for retail-focused financial technology platform Global Blue GB.N and other purposes, including debt repayment

Stock closed up 12.8% at $89.86 on Tuesday after Q1 results

Goldman Sachs, Citigroup Global Markets, Wells Fargo Securities, Barclays Capital, Citizens JMP Securities, and Santander US Capital Markets are the joint book-running managers for the offering

FOUR has 89 million outstanding shares for $8 billion market cap, per LSEG

18 of 23 brokerages rate the stock "buy" or higher and 5 "hold"; median PT $113 - data compiled by LSEG

As of last close, FOUR stock was down 13.4% YTD