VGP NV's two biggest shareholders, Bart Van Malderen and Jan Van Geet, commenced a public offering of up to 4,524,569 existing shares.
The shares represent roughly 24.35% of the company's aggregate existing shares.
The shares will be offered at a per-share price sitting between €55.00 and €63.00 from Oct. 12-25. The €55.00 per-share offer price reflects a 17.22% discount over the Oct. 11 closing price of €66.76 per share, while the €63.00 per-share price translates to a 5.63% discount over the same referenced closing price.
VM Invest NV and Van Malderen will jointly put up a maximum of 3,781,247 shares for subscription, reflecting approximately 20.35% of the aggregate existing shares. Meanwhile, Little Rock SA, which is controlled by Van Geet, will offer up to 743,322 shares, amounting to roughly 4.00% of existing shares.
The size of the offering may be raised by up to 25% of the shares initially offered. The selling shareholders are expected to provide underwriters with a 30-day overallotment option to purchase additional shares up to 15% of the shares sold at the offer price.
The size of the offering is expected to amount to between roughly €248.9 million at the low end of the price range, excluding any exercise of the increase and overallotment options, and approximately €409.8 million if the options are fully exercised.
With the sale of the 4,524,569 existing shares, the company's free float will rise to approximately 34.49% from 10.14%. Factoring in the sale of additional shares from the increase and overallotment options, the free float will climb to nearly 45.14%.
Pricing, to be determined through a bookbuilding process, and results of the offering will be announced on or around Oct. 26.
J.P. Morgan and KBC Securities have been appointed, jointly, as global coordinators and book runners for the offering. Belfius and ING will respectively serve as co-lead manager and co-manager.