Park Hotels and Resorts Announces Secondary Stock Offering and Stock Repurchase

Park Hotels and Resorts Inc. (PK) announced on March 5 that HNA HLT Holdco LLC, the Selling Stockholder, would carry out an underwritten secondary offering of 32,950,000 shares of Park’s common stock. The Selling Stockholder has granted the underwriters the option to purchase up to 4,942,500 additional shares of stock from them. In addition, the Selling Stockholder has given Park Hotels and Resorts the option to repurchase 15,750,000 shares of common stock in a privately negotiated transaction. Park is not offering any shares of stock for sale and will not receive any proceeds from the sale in the secondary offering.

 

Sonal alerted subscribers of the event at 7:01 am. The next trade took place at 7:04 am for $24.40. Regular market trading opened for the day at $24.12. After a small gain on the day of the event, Park’s stock price continued to rise over the next five trading days. The stock closed at $27 on March 12 for a gain of almost 12% in the week after the announcement.

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