In the case of Polo Ralph Lauren Corp.’s stock, buying directly from the boss gets you a discount.
Polo priced the secondary public offering of 9 million shares owned by chairman and chief executive officer Ralph Lauren at $81 a share — a slight discount to the stock’s close of $82.44 Tuesday.
J.P. Morgan, Goldman, Sachs & Co., Deutsche Bank Securities and UBS Investment Bank are underwriting the offering and have a 30-day option to purchase up to an additional 1.4 million shares of Lauren’s personal holdings.
Polo is also buying 1 million shares from Lauren at $81 a piece.
All together, the stock offering could raise $919.4 million for Lauren, who will continue to control the company.
For complete coverage, see Thursday’s issue of WWD.