Finance History|11 Wall Street — Sixteen Dollars After the Second Buyout
· 2000-6
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Finance History|11 Wall Street — Sixteen Dollars After the Second Buyout
kevin
People treat Charles River Laboratories as a Wilmington research-model house that always printed CRL.
The 2000 issuer had already been public once.
The company's own history page records a first listing on 9 July 1968 on Nasdaq: 160,000 shares at 21 dollars.
Bausch and Lomb bought the firm in 1984. Management bought it back in September 1999.
A company release dated 26 June 2000 announced an initial public offering of 14,000,000 shares on Friday 23 June at 16.00 dollars a share.
All of the shares came from the company. Gross proceeds were given as 224 million dollars in 2000 currency.
The underwriters received an option for 2,100,000 more shares.
Net proceeds were earmarked to reduce existing indebtedness from the leveraged buyout.
The shares traded on the New York Stock Exchange under CRL.
The mechanism is a second listing. Holders of the new CRL line were buying a debt-heavy research-model book, not the 1968 Nasdaq paper.
The pin is the Broad Street facade of the Exchange, where CRL first printed. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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