What's Going On With Las Vegas Sands Stock Wednesday?

Las Vegas Sands Corp LVS shares are trading lower Wednesday after the company announced its majority shareholder is selling $2 billion worth of its stock.

What Happened: Late Tuesday, Las Vegas Sands announced the pricing of a common stock offering by Miriam Adelson and The Miriam Adelson Trust. The selling stockholder will offer shares at $44 per share. The offering is expected to close on Dec. 1. The company will not receive any proceeds from the sale.

In a regulatory filing, Adelson disclosed that she intends to use the proceeds to fund the purchase of a majority interest in a professional sports franchise. Several new reports suggest she plans to buy a majority stake in the Dallas Mavericks from billionaire investor Mark Cuban.

In connection with the offering, Las Vegas Sands said it will repurchase 5,783,021 shares in the offering for approximately $250 million. 

See Also: Leslie's Posts Weak Earnings, Joins Las Vegas Sands, Verve Therapeutics And Other Big Stocks Moving Lower

LVS Price Action: Las Vegas Sands shares were down 3.9% at $45.80 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Las Vegas Sands.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!