La Quinta (LQ) Stock Is Down in After-Hours Trading as Blackstone Sells Shares
NEW YORK (TheStreet) -- Shares of La Quinta Holdings (LQ) were falling 2.4% to $23.28 after-hours Monday after the announcement that shareholders affiliated with Blackstone Group (BX) - Get Report will sell shares of the casino operator in a secondary offering.
Blackstone will sell 17.5 million shares of La Quinta common stock in the public secondary offering. The underwriters of the offering have a 30-day option to purchase up to 2.625 million additional shares of La Quinta common stock from Blackstone to cover overallotments.
La Quinta will not receive any proceeds from the secondary offering as it is not selling any shares in the offering.
Blackstone is the largest shareholder of La Quinta stock. Recent filings showed the company owned 59.04 million shares of the casino operator, or 45.11% of all outstanding shares, according to MarketWatch.