Beacon Roofing Supply Inc. stock is up 0.8% in premarket trades Friday after the company said it plans to repurchase 400,000 shares of Series A preferred...
Beacon Roofing Supply Inc.
stock is up 0.8% in premarket trades Friday after the company said it plans to repurchase 400,000 shares of Series A preferred stock from private equity firm Clayton, Dubilier & Rice for $804.5 million plus accrued and unpaid dividends. The deal will reduce the company’s diluted share count on an as-converted basis by 9.69 million shares and eliminate preferred dividends of $24 million per year, while simplifying the company’s capital structure, the company said.
stock is up 0.8% in premarket trades Friday after the company said it plans to repurchase 400,000 shares of Series A preferred stock from private equity firm Clayton, Dubilier & Rice for $804.5 million plus accrued and unpaid dividends. The deal will reduce the company’s diluted share count on an as-converted basis by 9.69 million shares and eliminate preferred dividends of $24 million per year, while simplifying the company’s capital structure, the company said.
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