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GNC offering 10M shares from 2 shareholders
The Associated PressPITTSBURGH -- Health products company GNC Holdings Inc. on Thursday announced an offering of 10 million shares from two shareholders.
GNC said Ares Corporate Opportunities Fund II LP and Ontario Teachers' Pension Plan Board are selling the shares in an offering that will close Wednesday. GNC plans to buy six million shares directly from Ares. The company will not get any proceeds from the sale of the shares.
GNC had 106.6 million Class A shares on the market as of July 26. The company approved a $300 million stock buyback that went into effect July 31, and GNC said Thursday that it has bought back 1.5 million shares since July 31. GNC expects to have 101 million shares on the market at the end of 2012.
The Ares fund is an affiliate of alternative asset manager Ares Management. The Ontario Teachers' Pension Plan Board is the biggest pension plan in Canada. It represents 300,000 current and retired teachers and has more than $117 billion in assets.
Shares of GNC Holdings rose 7 cents to close at $39.18.
