Chewy Whipsaws After BC Partners Is Said to Sell Shares
(Bloomberg) -- Chewy Inc. bounced in New York trading on Tuesday after a person familiar with the matter said BC Partners, its private-equity sponsor, sold about $500 million of the stock in an overnight block trade.
The unregistered trade of 6.1 million shares was priced at $82.50 each through Morgan Stanley, the person said. That was a 1.8% discount to Monday’s close. Chewy fell by as much as 2.1% in premarket trading, but finished the regular session up 4%.
Tuesday’s gains add to a post-earnings rally in the online retailer of pet products. Chewy has now gained 8.7% since forecasting 2021 sales on March 30.
The undisclosed stock offering launched on Monday after the market closed, Bloomberg previously reported.
©2021 Bloomberg L.P.