Convatec slumps on Novo Holdings exit
ConvaTec Group Plc slumped on Tuesday after Novo Holdings - which had been its largest shareholder - exited its position in the medical technology firm via a placing of 155m shares.
The shares, which represent a stake of about 7.8%, were sold to institutional investors at 227p each, raising gross proceeds of approximately £351m.
Goldman Sachs and Morgan Stanley acted as joint global coordinators in connection with the offering.
Novo Holdings, a holding and investment company responsible for managing the assets and the wealth of the Novo Nordisk Foundation, said it had monetised all other previously held shares ahead of the placing via derivative transactions with hedge counterparties.
At 0805 GMT, Convatec shares were down 3.2% at 231.60p.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
