International broker Willis Group Holdings announced that certain of its shareholders have commenced a secondary offering of 20 million shares of common stock.
“The offered shares are being sold by Profit Sharing (Overseas), Limited Partnership, an affiliate of Kohlberg Kravis Roberts & Co. L.P., and Fisher Capital Corp. L.L.C.,” said the announcement. Willis had previously announced registration of the approximately 35.8 million shares of common stock with the Securities and Exchange Commission (See IJ Website Feb.2).
Willis also announced that it intends to purchase 4 million of the offered shares “directly from the selling shareholders in a private transaction at the net price per share to be received by the selling shareholders in the underwritten offering, and expects to use cash on hand to fund the purchases.”
The announcement also noted that the “selling shareholders have granted the underwriters an option to purchase up to 3 million additional shares to cover over-allotments, if any.”