Canada's Pet Valu falls after secondary offering unveiled
Canadian pet food retailer Pet Valu's PET.TO shares fall 5.2% to C$28.66
PET late Monday announced a C$150 million ($107.4 million) secondary bought deal offering
Top shareholder Roark Capital has entered into an agreement with syndicate of underwriters led by CIBC Capital Markets and RBC Capital Markets to complete a secondary offering on a bought deal basis
As part of the deal, underwriters agreed to purchase 5.2 million PET shares from Roark at C$28.85 apiece, a 4.5% discount to stock's last close
Additionally, PET has repurchased ~2.1 million shares from Roark at the offer price
All 9 brokerages covering the stock rate "buy" or higher; median PT C$35 - data compiled by LSEG
As of last close, PET stock up 19.7% YTD
($1 = 1.3973 Canadian dollars)
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