Pest control specialist (NYSE: ROL) was not having a good week on the stock market. According to data compiled by S&P Global Market Intelligence, as of early Friday morning the company's share price had weakened by over 9% week to date. The announcement of a share sale was a key reason for the decline.

On Wednesday, Rollins revealed that its top institutional shareholder, LOR, would be divesting $1.35 billion worth of the company's common stock in a public offering. The following day, it said the issue's price would be $35 per share, which was well lower than the nearly $40 level the stock traded for at the beginning of the week.

The offering's underwriters, led by Goldman Sachs and Morgan Stanley, have been granted a 30-day option to buy up to a combined $202.5 million worth of additional stock.

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Source Fool.com