Reverse enquiries let Ray shred Rexel lock-up

Ray Investments raised €526m from a sale of shares in French electrical office supplies firm Rexel on Tuesday. Reverse enquiries led the private equity consortium to take its last opportunity to sell in August, obtaining a lock-up waiver to do so.

  • By Andrew Griffin
  • 07 Aug 2013

Ray, the consortium that owned 34% of Rexel, sold 28.8m shares, for €18.25 each, a 3.7% discount to Tuesday’s €18.95 close. The deal represented 10% of the company and pushed the free float to 76%.

Deutsche Bank and UBS were joint bookrunners, and Rothschild was financial advisor for the deal. Deutsche had ...

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