Verisk Falls on Secondary Offering Announcement (VRSK)

Shares of Verisk Analytics Inc.

are falling in the after-hours by 3.86%, trading at $27.37, after the company said it would be commencing a secondary public offering. The company announced that selling stockholders are offering 19,030,515 shares of Class A common stock, including shares of Class B common stock totaling 16,767,721 that will be converted into Class A common stock as part of the offering. The board of directors and management will sell the remaining 2,262,794 shares. In addition, the underwriters have been granted a 30-day option to purchase up to 2,854,577 additional shares of common stock from selling stockholders to cover over-allotments, if any. Concurrent with the closing of the offering, the company will repurchase 7,300,000 shares of common stock directly from Class B stockholders at a price per share equal to the net proceeds per share that the selling stockholders receive in this offering.