TD SYNNEX Announces Secondary Offering Of 7.625 Mln Shares, Repurchase Of 1.375 Mln Shares

(RTTNews) - IT company TD SYNNEX Corporation (SNX), announced on Monday that it has authorized a secondary public offering of 7.625 million shares held by affiliates of Apollo Global Management, Inc. The company also said that it would repurchase 1.375 shares under the company's existing repurchase program.

Following the announcement, TD SYNNEX's stock fell 3.83 percent, to $101.25, over the previous close of $105.28 on a volume of 2,055,770. It had traded between $86.30 and $108.92 on the New York Stock Exchange.

Additionally, the company has offered a 30-day option to the underwriters to purchase up to an additional 1,143,750 shares.

The company said that it has approved repurchase of shares from underwriters, provided that the total repurchase amount does not exceed $160 million.

The company intends to fund the repurchase from the existing cash from business.