Artio Global [NYSE: ART
], advisor to the Artio Funds, is selling more shares to the public as part of a secondary offering. The 3.77 million class A shares will be priced at $17.33 per share. The sale will raise $65.3 million that will be used to repurchase units from top executives.
The price of Artio shares fell 7.03 percent to $17.33 in trading on Thursday.
Goldman, Sachs & Co. is acting as sole global coordinator and bookrunner of the offering, and BofA Merrill Lynch and J. P. Morgan are acting as co-managers of the offering.
The cash raised from the sale will be used to purchase shares from Richard Pell, Artio's CEO, and Rudolf-Riad Younes, the firm's head of international equity, and their trusts. The pair are raising funds to cover tax obligations arising as a result of the Principalsí exchanges of Units for Shares that were made in May.
Pell and Younes hold shares subject to a five-year lock-up. They are are permitted to sell 20 percent of their stack on the one-year anniversary of the Artio IPO and an additional 20 percent each subsequent anniversary.
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