- Hyatt Hotels (NYSE:H) launches public offering of 7M shares of its Class A common stock. In addition, underwriters will be granted an over-allotment option to purchase up to an additional 1.05M shares.
- Net proceeds from the offering will be used to support the company's pending acquisition of Apple Leisure Group.
- Hyatt previously announced that it intends to fund more than 80% of the $2.7B purchase price for the Apple Leisure Group Acquisition with a combination of $1B of cash on hand and new debt financing, and the remainder with equity financing.
- Stock is down 3.6% in after-hours trading.