Darling International Prices 40M Share Offering at $19.00/Share
Darling International (NYSE: DAR) today announced that its underwritten public offering of 40,000,000 shares of its common stock was priced at $19.00 per share. The offering is expected to close on December 18, 2013, subject to customary closing conditions. In addition, Darling has granted the underwriters a 30-day option to purchase up to 6,000,000 additional shares of Darling common stock.
Darling intends to use the net proceeds of the offering to pay a portion of the consideration for the previously announced acquisition of the VION Ingredients division of VION Holding N.V., which is expected to close in January 2014, subject to the fulfillment of certain conditions, and related fees and expenses, or for general corporate purposes if the acquisition is not completed.