(Alliance News) - TI Fluid Systems PLC's largest shareholder and its outgoing chief executive & president have together sold a total of 52.4 million shares via an accelerated bookbuild.
The sale, priced at 280 pence per share, was worth GBP146.8 million in total. Shares in TI Fluid Systems - which makes products that store and move fluids, such as fuel and brake fluid, around automobiles - were down 5.8% at 290.00p in London early Friday.
The sale price represented a 9.1% discount to Thursday's closing price of 308p. TI Fluid Systems will not receive any proceeds from the placing.
Following completion of the transaction, BC Omega Holdco Ltd will hold 231.1 million TI Fluid Systems shares, representing a 44.4% stake. Prior to the sale, BC Omega held a 54.4% stake. BC Omega is indirectly controlled by investment funds advised by Bain Capital LP.
Late Thursday, Goldman Sachs International and Peel Hunt LLP said they had been appointed by BC Omega as lead bookrunners to explore the sale of around 52 million TI Fluid Systems shares.
William L Kozyra Living Trust would sell around 400,000 shares, Thursday's announcement also said, following the news earlier this year of his retirement as president & CEO of TI Fluid Systems.
In February, the company said Kozyra would step down at the end of 2021, following a transition to his successor Hans Dieltjens.
By Lucy Heming; lucyheming@alliancenews.com
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TI Fluid Systems (TIFS)
