Roundy’s Supermarkets said it had completed a stock offering raising approximately $20 million the retailer will use for general corporate purposes including the conversion of acquired former Dominick's stores in the Chicago market.
In total, 10.1 million shares of Roundy's stock were sold, consisting of 2.9 million shares owned by the company and 5.9 million shares belonging to existing stockholders, sold at $7 a share The company received proceeds only from its own shares. In addition, underwriters of the offering exercised rights to buy an additional 1.3 million shares from the selling stockholders at a discount. Selling stockholders included Roundy's majority owner, Willis Stein & Partners.
Milwaukee-based Roundy's acquired 11 former Dominick's stores from Safeway late last year with the intention of converting them to its Mariano's banner.
Editor's note: A previous version of this article incorrectly stated the value of the offering.
Read more: Roundy's to acquire 11 Dominick's
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