Jarden Corp. (JAH) unveiled an offering of 11.6 million shares,
the proceeds of which will be used to fund part of its acquisition
of Yankee Candle.
Shares were down 4.1% to $45.50 in premarket trading. Through
Tuesday's close, the stock has risen 2.5% in the past three
months.
Jarden on Tuesday confirmed it had agreed to buy the nation's
largest maker of scented candles for $1.75 billion in cash, a deal
that comes after Yankee Candle's private-equity owners dropped a
plan to sell it earlier this year.
Jarden, whose sales were flat at $6.7 billion last year, had
said it expects to fund the Yankee Candle purchase with a
combination of cash, debt and stock.
The company recently had roughly 112.6 million shares
outstanding.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
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