Keurig Dr Pepper announced that a subsidiary of JAB Holding Company s.a.r.l. will sell an aggregate of 73,000,000 shares of KDP common stock through a registered public offering. JAB also granted the underwriter a 30-day option to purchase up to an additional 10,950,000 shares.
Following the completion of this offering, JAB will beneficially own approximately 10.7% of KDP's outstanding common stock. The remaining shares beneficially owned by JAB will be subject to a 90-day lock-up agreement with the underwriter.
In connection with JAB's reduced ownership stake, Joachim Creus, Frank Engelen, and Olivier Goudet, the three JAB-affiliated members of KDP's Board of Directors, notified KDP of their resignations, effective upon the completion of the offering. This marks an important milestone in KDP's transformation to a widely held public company.
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