was lower a day after the company priced an offering of 15 million common shares at $15.50 each, the majority of which are being sold by the company's controlling shareholder, Endo Pharma LLC.
The shares are being offered through an underwriting syndicate led by Citigroup Global Markets and Bear Stearns. All of the shares are currently issued and outstanding.
Prior to the proposed offering, Endo Pharma owned about 75% of Endo Pharmaceuticals' shares. Endo Pharma is an affiliate of Kelso & Co., a private equity investment firm.
The selling stockholders have granted the underwriters an option to purchase an additional 2.25 million common shares at the public offering price to cover overallotments. Following completion of the offering, Endo Pharma will hold about 64% of Endo Pharmaceuticals' stock outstanding, or around 62% if the overallotment option is fully exercised.
Endo, which has about 131.7 million shares outstanding, won't receive any proceeds from the offering.
Shares of Endo were down 41 cents, or 2.6%, to $15.66 in
trading Wednesday. The stock has a 52-week range of $5.81 to $19.45.