Morgan Stanley Markets Large Stake in Lululemon
Morgan Stanley Markets Large Stake in Lululemon
(Bloomberg) -- Morgan Stanley is lining up buyers for 4 million shares in Lululemon Athletica Inc. on behalf of its second-largest holder, people familiar with the matter said.
The athletic apparel maker is buying back an additional 1 million shares from Advent International Corp., the company announced after news of the sale first broke.
The shares not repurchased by Lululemon are being offered to investors at $164.54 to $165.54 each, one of the people said, representing a discount of up to 1.8 percent below Thursday’s closing price.
The 5 million-share stake represents more than a full day’s worth of normal trading volume and nearly half of Advent’s 8.2 percent stake as of Dec. 31, according to Bloomberg data. The stock fell 1.2 percent in post-market trading in New York.
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