Birkenstock (BIRK) said Friday that an entity affiliated with L Catterton launched a $1 billion underwritten secondary offering of the company's ordinary shares.
The selling shareholder has granted the underwriter a 30-day option to purchase additional shares equal to 15% of the shares sold, the company said.
Birkenstock authorized the repurchase of up to $500 million of the offered shares from the underwriter, by way of redemption, at the same price paid by the underwriter upon completion of the offering, it added.
The company shares were down 3.7% in premarket activity.