Montreal-based dairy processor Saputo has announced the closing of the secondary offering of common shares by companies controlled by Emanuele (Lino) Saputo or members of his family.
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The shareholders sold 7,635,000 common shares of the company at a price of US$32.75 per share, for proceeds in the aggregate of C$250m (US$164.8m). Net proceeds after deducting the underwriters’ fee, amounts to about C$240m.
The selling shareholders now hold, directly and indirectly, 61 938 594 common shares representing in the aggregate 59.95% of the issued and outstanding common shares.
The syndicate of underwriters for this secondary offering was led by BMO Nesbitt Burns and National Bank Financial and included CIBC World Markets, RBC Capital Markets, Raymond James Ltd. and Scotia Capital.
All of the expenses of the offering, together with the underwriting fee, were paid by the selling shareholders.
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