The largest shareholder in
is taking some of his money off the table.
After watching Anchor's stock triple in the last four months, Chairman Stanley Fulton and his family have registered with the
Securities and Exchange Commission
to sell more than 2 million Anchor shares. The $150 million offering will reduce the family's stake in Anchor by about 30%. Still, the Fulton family will continue to own some 4.8 million shares of Anchor, or 37% of the company.
Investors reacted negatively to the news, pushing Anchor stock down 3 to 76 at midday. Anchor has been the subject of a "My Favorite Stock"
column and several bullish stories in
Anchor spokesman Geoff Sage says the sale is unrelated to the recent gains in the company's stock.
"It really relates to the Fultons' estate planning," Sage says. The sale will "give them some diversification, some liquidity. . . . They're not selling out on the company -- they're not turning their backs and walking away."
Fulton himself will sell 657,700 shares, with an overallotment option to sell another 270,000; his ex-wife and six children will sell the rest.
Bankers Trust/Alex. Brown
will lead the underwriting, with
Morgan Stanley Dean Witter
as co-manager. Sage says the family expects to complete the offering in early October.
This story was originally published on Sept. 2, 1997.