NEW YORK - Shares of Nasdaq fell more than 2% in extended trading on Tuesday following the announcement of a secondary share offering that will allow Borse Dubai to slash its minority stake in the U.S. stock exchange.
Borse Dubai had been the largest single shareholder in Nasdaq. It said it will reduce its ownership stake to 10.8% from 15.5%. Borse Dubai will offload about 26.96 million shares of the exchange operator as part of a secondary offering, according to a statement released after the closing bell on Tuesday.Borse Dubai would receive about $1.6 billion from the share sale.
"Subject to completion of the offering, Borse Dubai intends to agree to an 18-month lock-up of its remaining shares controlled by Nasdaq, with a right to designate a nominee to the Nasdaq board of directors so long as it continues to own at least 10% of Nasdaq's outstanding shares as of the date hereof," the statement said.U.S. private equity firm Thoma Bravo will become Nasdaq's largest shareholder, holding a 12.5% stake in the U.S. exchange with about 71.6 million shares.
If you’re looking to add some growth potential to your portfolio this year, these two stocks should be on your watch list. The post 2 Top Growth Stocks to Buy Right Now and Hold for the Long Term appeared first on The Motley Fool Canada.The "Magnificent Seven" is becoming a bit less magnificent but could rebound if we cut this stock and added another winner. The post 1 Stock I’d Drop From the “Magnificent Seven” and 1 I’d Add appeared first on The Motley Fool Canada.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »