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Investing.com -- Rollins Inc (NYSE:ROL) stock fell 2.6% in after-hours trading Monday following the pest control company’s announcement of a proposed $1 billion secondary public offering by two of its existing stockholders.
The offering will consist of shares sold by LOR, Inc. and Rollins Holding Company, Inc., with the underwriter having a 30-day option to purchase up to an additional $150 million of shares. Rollins itself is not selling any shares and will not receive any proceeds from the transaction.
In conjunction with the offering, Rollins plans to repurchase approximately $200 million of the shares being offered at the same per-share price paid by the underwriter. Both the offering and the share repurchase are conditional upon each other’s completion.
The selling stockholders are expected to enter into 365-day lock-up agreements from the pricing date, restricting them from certain transactions involving their Rollins common stock during that period.
Morgan Stanley is serving as the sole bookrunner for the offering, which remains subject to market conditions. The company noted that there is no assurance regarding whether or when the offering may be completed.
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