WisdomTree slips after unveiling $525 mln convertible offering for M&A
Asset manager WisdomTree WT.N shares down 2.2% post-market at $13.20 after acquisition-related raise news
New York-based WT announces private offering of $525 mln convertible bonds (CBs) due 2031
It intends to use about $200 mln of net offering proceeds to pay for previously announced acquisition of Atlantic House Holdings, a London-based, specialized derivative-focused investment manager
Co also plans to use a portion of proceeds to pay cash consideration to exchange its 3.25% CBs due 2029, and any remainder for other general purposes including repayment of debt and other outstanding CBs
WT shares closed up 1.9% at $13.49, giving co $1.9 bln market cap
Stock up nearly 11% YTD and 55% over the past 12 months at close
5 of 7 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $20, per LSEG data
