initial public offerings (IPOs) trading on American exchanges

Friday, September 5, 2014

Michael Kors announces pricing of its secondary Public Offering

Michael Kors Holdings (NYSE:KORS) shares are trading down as the maker of purses and accessories prepares a secondary public offering of more than 11.6 million ordinary shares by Sportswear Holdings, one of its principal founding stockholders, at $76.75 per share.

Shares of the company fell 5% to 75.96 in early trading in the stock market today, Friday.

Two board directors, Silas Chou and Lawrence Stroll, original majority shareholders of the Hong Kong-based company, will step down after the sale.

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