BUZZ-Ingram Micro tumbles as sponsor Platinum Equity begins $200 mln stock sale

Reuters07:13
BUZZ-<a href="https://laohu8.com/S/INGM">Ingram Micro</a> tumbles as sponsor Platinum Equity begins $200 mln stock sale

** Shares of Ingram Micro Holding INGM.N down 13.3% to $22.85 in extended trading after secondary offering news

** Global distributor of IT products, cloud solutions and supply chain services commences $200 mln offering by major shareholder Platinum Equity

** Also, co intends to separately repurchase from Platinum, as part of the offering, at least $50 mln worth of shares under its existing buyback program

** Platinum currently owns ~211 mln shares, or ~90% of the Irvine, California-based co's ~235 mln outstanding, per the prospectus

** Morgan Stanley, Goldman Sachs and JP Morgan joint bookrunners for the offering

** INGM stock edged up 0.3% to close at $26.36 on Thurs. Shares up ~24% YTD including 27% gain this week

** Co late Mon posted Q4 beat, per LSEG data, as net sales increased across all geographic segments, with strong growth in Asia-Pacific

** Avg rating of 14 analysts is "buy"; median PT $25.50 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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