Why Weber Stock Is Sizzling Today
The private equity firm that took Weber (NYSE: WEBR) public last year has made a deal to take the grill maker private again. The offer price is well above Weber's closing price on Friday, and shares were up by as much as 25.2% on Monday morning as a result. As of 10:22 a.m. ET, they were trading up by about 24%.
Weber makes great grills, but the company's tenure in the public markets has been underwhelming. It went public in August 2021 with a whimper, first cutting the size of its proposed stock offering by more than half and then pricing it below the expected market range. Weber sold 18 million shares for $14 apiece, raising about $250 million. It had originally hoped to sell nearly 47 million shares for between $15 and $17 apiece.
Weber's majority owner, BDT Capital Partners, did not participate in the offering and remained among the company's largest shareholders.
Source Fool.com
