GE HealthCare: shares fall back after share placement

(CercleFinance.com) - GE HealthCare fell back in early trading on the New York Stock Exchange on Friday morning, following a placement of shares by Morgan Stanley, at a price well below the previous day's price.


At around 10:30 a.m. (local time), the diagnostic imaging equipment specialist's shares were down by nearly 1%, one of the steepest declines on the S&P 500 index.

GE HealthCare explains that Morgan Stanley plans to place around 13 million shares at a price of $82.25 per share, a discount of nearly 4% to Thursday's closing price.

The transaction therefore represents a total amount of over one billion dollars.

In detail, the former GE parent company plans to convert debt currently held by Morgan Stanley into GE HealthCare shares, which will then be sold on the market.

Morgan Stanley, BofA Securities, Citigroup, Evercore ISI, Goldman Sachs and JP Morgan are to act as joint lead managers for the offering.

Copyright (c) 2024 CercleFinance.com. All rights reserved.