Keurig Dr Pepper Announces Secondary Offering of Common Stock by JAB and Refreshed JAB Board Representation
Keurig Dr Pepper (KDP) announced a secondary offering where JAB Holding Company will sell 60 million shares of KDP common stock, with an option for an additional 9 million shares. After the offering, JAB's ownership will decrease to approximately 16.5% of KDP's outstanding shares, or 15.8% if the additional option is exercised. The remaining JAB-owned shares will be subject to a 90-day lock-up agreement. Additionally, Frank Engelen, Managing Partner and CFO of JAB, has been appointed to KDP's Board of Directors, replacing Lubomira Rochet. Morgan Stanley & Co. is serving as the underwriter for the offering.
Keurig Dr Pepper (KDP) ha annunciato un'offerta secondaria in cui JAB Holding Company venderà 60 milioni di azioni ordinarie di KDP, con un'opzione per ulteriori 9 milioni di azioni. Dopo l'offerta, la partecipazione di JAB diminuirà a circa il 16,5% delle azioni emesse di KDP, oppure al 15,8% se l'opzione aggiuntiva verrà esercitata. Le restanti azioni di proprietà di JAB saranno soggette a un accordo di lock-up di 90 giorni. Inoltre, Frank Engelen, Managing Partner e CFO di JAB, è stato nominato nel Consiglio di Amministrazione di KDP, sostituendo Lubomira Rochet. Morgan Stanley & Co. funge da sottoscrittore per l'offerta.
Keurig Dr Pepper (KDP) anunció una oferta secundaria en la que JAB Holding Company venderá 60 millones de acciones comunes de KDP, con una opción para 9 millones de acciones adicionales. Después de la oferta, la propiedad de JAB disminuirá aproximadamente al 16.5% de las acciones en circulación de KDP, o al 15.8% si se ejerce la opción adicional. Las restantes acciones de JAB estarán sujetas a un acuerdo de bloqueo de 90 días. Además, Frank Engelen, Socio Director y CFO de JAB, ha sido nombrado para el Consejo de Administración de KDP, reemplazando a Lubomira Rochet. Morgan Stanley & Co. actúa como suscriptor de la oferta.
커리그 드 페퍼 (KDP)는 JAB 홀딩 컴퍼니가 KDP 일반주식 6천만 주를 판매하는 2차 공모를 발표했으며, 추가로 9백만 주에 대한 옵션이 있습니다. 공모 이후 JAB의 소유 지분은 KDP의 유통 주식 약 16.5%로 감소하며, 추가 옵션이 행사되면 15.8%가 됩니다. 나머지 JAB 소유 주식은 90일 동안의 잠금 계약에 따릅니다. 또한, JAB의 관리 파트너이자 CFO인 프랭크 엔겔렌이 루보미라 로체를 대체하여 KDP 이사회에 임명되었습니다. 모건 스탠리는 이번 공모의 인수자로 참여하고 있습니다.
Keurig Dr Pepper (KDP) a annoncé une offre secondaire selon laquelle la société JAB Holding Company vendra 60 millions d'actions ordinaires de KDP, avec une option pour 9 millions d'actions supplémentaires. Après l'offre, la participation de JAB diminuera à environ 16,5 % des actions en circulation de KDP, ou à 15,8 % si l'option supplémentaire est exercée. Les restes des actions détenues par JAB seront soumises à un accord de verrouillage de 90 jours. De plus, Frank Engelen, associé directeur et CFO de JAB, a été nommé au conseil d'administration de KDP, remplaçant Lubomira Rochet. Morgan Stanley & Co. agit en tant qu'initiateur pour l'offre.
Keurig Dr Pepper (KDP) gab eine Sekundärangebot bekannt, bei dem die JAB Holding Company 60 Millionen Stammaktien von KDP verkaufen wird, mit einer Option auf zusätzlich 9 Millionen Aktien. Nach dem Angebot wird der Anteil von JAB auf etwa 16,5 % der ausstehenden Aktien von KDP sinken, oder auf 15,8 %, wenn die zusätzliche Option ausgeübt wird. Die verbleibenden von JAB gehaltenen Aktien unterliegen einer 90-tägigen Lock-up-Vereinbarung. Darüber hinaus wurde Frank Engelen, Managing Partner und CFO von JAB, in den Vorstand von KDP berufen und ersetzt Lubomira Rochet. Morgan Stanley & Co. fungiert als Underwriter für das Angebot.
- JAB remains committed as a significant shareholder with 16.5% ownership stake
- Company maintains strong market position with $15 billion annual revenue
- Leadership in multiple beverage categories and #1 single serve coffee brewing system in US/Canada
- Major shareholder JAB reducing stake through 60 million share offering
- Potential dilution impact from large secondary offering
- Additional 9 million shares could be sold through underwriter's option
Insights
This secondary offering of
The market impact could be substantial given the size of the offering - representing about
The board restructuring and JAB's reduced ownership marks a significant shift in KDP's governance structure. While JAB remains influential through board seats and a substantial ownership position, their reduced stake creates room for broader institutional ownership and potentially more diverse shareholder perspectives. The retention of two JAB executives on the board - Joachim Creus and Frank Engelen - ensures continuity in strategic oversight while balancing the interests of both JAB and public shareholders.
Following the completion of the offering, JAB will beneficially own approximately
Additionally, to fill the vacancy on the KDP Board of Directors (the "Board") left by JAB Partner Lubomira Rochet, who notified the Company of her immediate resignation, the Board has appointed Frank Engelen, Managing Partner and CFO of JAB, as a director. Mr. Engelen will serve for an initial term expiring at the Company's 2025 annual meeting of stockholders.
"Keurig Dr Pepper has long been JAB's largest and most successful investment and will remain so following this transaction," said Joachim Creus, JAB Managing Partner, Vice Chairman and CEO, in connection with the proposed secondary offering. "We believe KDP has significant forward momentum, with key enablers including its refreshed leadership team, sharp strategy and disciplined capital allocation philosophy. JAB's demonstrated conviction in the resilience of the global coffee sector reinforces our positive view on KDP, and we look forward to participating in the value-creation ahead. As KDP Board members, Frank and I will continue to support the Company's vision of providing a beverage for every need, anytime, anywhere."
Morgan Stanley & Co. LLC is acting as the underwriter for the proposed secondary offering.
The offering will be made only by means of an effective registration statement and a prospectus. The Company has previously filed with the
Investors:
Investor Relations
Keurig Dr Pepper
T: 888-340-5287 / IR@kdrp.com
Media:
Katie Gilroy
Keurig Dr Pepper
T: 781-418-3345 / katie.gilroy@kdrp.com
About Keurig Dr Pepper
Keurig Dr Pepper (Nasdaq: KDP) is a leading beverage company in
FORWARD-LOOKING STATEMENTS
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SOURCE Keurig Dr Pepper Inc.
FAQ
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