Auto supplier ABC Technologies announces IPO pricing
ABC Technologies Toronto headquarters.
ABC Technologies Holdings Inc. has filed its final prospectus and announced pricing for its initial public offering as private equity group Cerberus Capital Management LP sells a stake in the company.
The IPO will raise an estimated C$110 million (US$86.8 million).
ABC Group Canada LP, which is owned by an investment fund managed by Cerberus, agreed to sell an aggregate of 11 million common shares at a price of C$10 (US$7.87) per share, a Feb. 16 news release said.
That is a lower price than the company had announced in a preliminary prospectus filed Jan. 26. The earlier plan was to price the IPO at C$12 (US$9.40) to C$15 (US$10.94) per share.
The shift may worry Natwest s customers in the Republic of Ireland, as they await to see who will buy the bank s sizeable loan book.
Last year it denied it was in talks with Cerberus Capital Management, an investment group branded a hound of hell by MPs, which has become infamous for snapping up loans and squeezing borrowers to force repayments.
Irish politicians are putting pressure on Natwest to sell the loans to active lenders, to maintain competition and avoid the fate which has befallen some so-called mortgage prisoners in the UK.
Bank customers were locked into costly mortgages, unable to swap to a cheaper alternative, after their debt was sold to New York-based Cerberus – which is not licensed as a bank and so cannot offer new loans.
Canadian furniture giant Dorel Industries and Cerberus Capital Management have agreed to terminate a purchase agreement that would have taken the company private.
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