Pets at Home shares drop after private equity firm sells £119m worth of stock
Shares at pet shop chain Pets at Home took a hit this week as private equity giant KKR sold £119m worth of stock.
The firm sold just under half of its stake – it still holds on to a 12.4% stake in the retailer.
Following the news Pets at Home closed the day with its share price down 7.74% at 199.2p apiece, making it the FTSE’s second biggest faller of the day.
The proceeds raised by KKR imply it sold its shares for 195p each. This is well below the debut price of 245p per share, and even further below the 267p at which KKR sold a chunk of its stake in 2015, generating around £288m.
The Pets at Home share price was 197.8p at close of play yesterday (Wednesday).
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