Chewy falls as BC Partners to chop stake in secondary offering, stock buyback
** Chewy's CHWY.N shares fall 3.2% post-market to $30.10 after online pet products retailer announces secondary offering and concurrent buyback from its biggest holder
** Co launches $500 mln offering of shares to be sold by BC Partners with Morgan Stanley as lead bookrunner
** Also, Chewy to repurchase $300 mln of shares from the private equity firm
** Based on CHWY close price on Thurs of $31.10, BC Partners would offload ~26 mln shares
** Co has ~418.39 mln shares outstanding for $13 bln market cap and ~127.67 mln shares of free float, per LSEG data
** Trading in CHWY has been extremely volatile this summer. On Jun 27, stock soared 34% to 2024 intraday high of $39.10 and ended session at $29.05 after stock influencer Keith Gill, also known as "Roaring Kitty", posted on X and then days later unveiled 6.6% stake
** YTD, shares up ~32%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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