Birkenstock dips after L Catterton's $941 mln stock sale priced

Shares of German sandal maker Birkenstock BIRK.N down 1.1% before the bell at $53.71 after secondary offering priced

Co announced sale of ~17.9 mln shares by affiliate of private equity firm L Catterton at $52.50 for ~$941.2 mln gross proceeds

Offering price is 3.3% discount to stock's last sale

Co to concurrently repurchase ~3.9 mln shares from the underwriters. Late Weds, co said it would buy back $200 mln worth of shares

L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH LVMH.PA, held ~135 mln shares for ~72% stake prior to offering

BIRK has ~187.8 mln shares outstanding for $10.2 bln market cap

Goldman Sachs and JP Morgan acting as joint lead book-running managers for offering, joined by BofA

Through Weds, BIRK shares down 4% YTD

Earlier this month, co said it plans to raise prices globally and seek production efficiencies to help offset tariffs

17of 20 analysts covering BIRK rate stock "strong buy" or "buy", rest rate "hold" and median PT is $70, latest LSEG data reflects