Blue Buffalo shares fall on secondary offering
Blue Buffalo Pet Products Inc. shares fell in the extended session Friday after the natural pet products company filed for a secondary offering of shares. Blue Buffalo shares fell 8.3% to $24.20 after hours. The company filed to sell an additional 25 million shares, with an option for an additional 3.8 million shares to cover overallotments. Shares belong to existing stockholders and Blue Buffalo will not receive any proceeds. Blue Buffalo has about 196 million shares outstanding, according to FactSet data. The offering comes less than a year after Blue Buffalo launched its initial public offering.
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