BUZZ-Casella Waste drops on $450 mln stock offering for acquisition
Reuters · 1d ago
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** Shares of Casella Waste Systems CWST.O down 4.4% premarket to $102 after co secures equity raise to fund recently announced acquisition
** Rutland, Vermont-based firm announces 4.5 mln shares priced at $100 for $450 mln gross proceeds
** Deal size increased from $400 mln, prices at 6.3% discount to stock's Tues close
** Co to use net proceeds to finance acquisition of Royal Carting and Welsh Sanitation, to repay debt and for general purposes
** CWST has 58.13 mln shares outstanding for $6.2 bln market cap and ~56.68 mln shares of public float, per LSEG
** Through Tues, CWST shares up 25% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))
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