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Compass Diversified Prices Public Stock Offering

The Associated Press

WESTPORT, Conn. (AP) — Compass Diversified Holdings said Thursday it has priced a public offering of 5.1 million trust shares at $8.85 each.

The company expects to raise $45.1 million to be used for general corporate purposes.

The underwriters will have a 30-day option to purchase up to an additional 765,000 trust shares to cover over-allotments.

Closing is expected to occur on or about June 9.

Shares fell $1.22, or 12.6 percent, to $8.50 in afternoon trading. They've traded between $6.89 and $14.64 in the past 52 weeks.

The company manages several middle market North American businesses including American Furniture, a low-cost manufacturer of upholstered furniture; Anodyne Medical Device Inc., a manufacturer of medical support equipment; and CBS Personnel Holdings Inc., a provider of temporary staffing services.