Albertsons Rings Up Smaller-Than-Expected $800M IPO

Law360 (June 25, 2020, 8:57 PM EDT) -- Private equity-backed supermarket giant Albertsons Cos. Inc. raised $800 million Thursday in a downsized initial public offering that priced below its range and netted less proceeds than expected, advised by Schulte Roth & Zabel LLP and underwriters counsel Cahill Gordon & Reindel LLP.

Boise, Idaho-based Albertsons sold 50 million shares at $16 each, down from its original plans to sell 65.8 million shares priced between $18 and $20 each. At the midpoint of its prior range, Albertsons would have raised $1.25 billion. If underwriters opt to buy an additional 7.5 million shares at the offering price within 30 days, Albertsons' IPO...

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