Erie Indemnity Company announced that the previously announced secondary offering by Black Interests Limited Partnership of 3,000,000 shares of its class A common stock has been priced at $34.50 per share.
“A majority of the proceeds of the shares being offered as described in the prospectus will be used by the selling shareholder to pay estate taxes and other estate-related expenses arising from the recent death of Mr. Black’s mother and to make a charitable bequest,” said the announcement. It added that the Company would not receive any proceeds from the sale of shares.
Erie’s shares on the NasdaqNM closed at $35.27, down $0.34.
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