Pets At Home is down more than 3% after its leading shareholder disposed of nearly half its stake for £288m.
Private equity group Kohlberg Kravis Roberts, which floated the business at 245p a share last year, has now sold 21.6% of the company, placing 108m shares at 267p each. The move - a week after the company’s results - leaves KKR with 24.6%.
The news has pushed Pets At Home shares 9.7p lower to 271.3p, making it the biggest loser in the FTSE 250. Analyst Nick Bubb said:
The Pets at Home share price has had quite a good run in recent months, with the shares topping the 280p level (versus the subdued IPO price of 245p in March last year). But increased demand calls forth increased supply and supporters of Pets may have felt their hearts sink when the news came out after the close last night that the private equity fund KKR wants to dump nearly half its holding, no less than 108m shares. Despite the decent reception to last week’s final results from Pets, a hefty discount will be required to shift that stock...
