View this article online: https://www.insurancejournal.com/news/international/2002/05/08/16216.htm
International broker Willis Group Holdings Limited has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of $450 million worth of its common stock by Profit Sharing (Overseas), LP, an affiliate of Kohlberg Kravis Roberts & Co. LP (KKR), the majority shareholder of Willis.
KKR and the six insurance companies who have major stakes in Willis offered shares to the public last June at $13.50 each. KKR indicated at the time that it might be selling some of its holdings. It filed to sell around $400 million worth of shares last October, and the new announcement indicates that it will reduce its stake further from 53 percent to 46 percent.
The announcement stated that other shareholders may also sell some of their holdings under the registration statement, but that the company itself planned no further offering.
Apparently the news didn’t please Wall Street. Willis shares were off 7.54 percent on Tuesday closing at $28.20, down $2.30.