Sad but true. Current owner of the Twinkies and Ho-Ho brands, Mexico's Grupo Bimbo, had planned to take advantage of an exuberant public stock market by bringing a secondary stock offering to reduce its leverage. Everything was good-to-go on Friday, but with the market now down a stunning 1.5% from pre-BABA IPO levels, they have pulled the offering:
- *MEXICO’S BIMBO SAID TO POSTPONE FOLLOW-ON SHARE OFFER: REUTERS
No comment as yet on the reason, though we assume "market conditions" will be cited as the fickleness of capital markets' animal spirits is once again exposed for all to see. Perhaps Grupo Bimbo should rename themselves Grupo Bimbaba?
As Bloomberg reports, Friday things were all go-go-go...
Sale of 201.3m shares to be managed by BofA, BBVA, Citi, HSBC, JPMorgan and Santander, Bimbo says in e-mailed statement.
Offering in Mexico, U.S. and other countries will represent a capital increase of as much as 4.3%: Bimbo
- *REUTERS CITES STOCK EXCHANGE SOURCE ON BIMBO OFFERING POSTPONED
What a difference two days make!