Distributor CHS Electronics expects to gain $394 million to spend on acquisitions after publicly offering 13 million shares.
CHS chairman Claudio Osorio said $74 million of the windfall will be used for the planned buy of Swiss wholesaler Karma International and some of the remaining money will be spent on future acquisitions. The rest will boost the company?s cash balance.
He said the company originally planned to issue 10 million shares and the final price of $31.75 was 20 per cent higher than the company proposed. Osorio claimed the improvement was due to investors that have noticed CHS?s rapid growth outside the US.
The total value of the offering was $412.8 million, $150 million than expected, and may be even higher if underwriters exercise their right to take more shares than originally allotted.
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