Asbury Automotive Group Inc. said certain funds affiliated with the company's largest stakeholder, Freeman Spogli & Co., have agreed to sell a total of 2 million stock shares in an underwritten public offering.
The funds have also granted the underwriter an option to purchase up to 300,000 additional shares, the automobile retailer said in a statement.
The company will not receive any proceeds from the offering, it added.
All Rights Reserved. Do not reproduce, copy and use the editorial content without permission. Contact us: firstname.lastname@example.org.
Anytime and anywhere to know the dynamics of China's auto industry