Michael Kors Announces Pricing Of Secondary Offering At $76.75/shr; Stock Down

(RTTNews) - Luxury goods retailer Michael Kors Holdings Limited (KORS) announced the pricing of the secondary public offering of 11.63 million ordinary shares by Sportswear Holdings Limited at a price of $76.75 per share.

The secondary offering is expected to close on or about September 10, 2014.

The company said it will not receive any proceeds from the sale of ordinary shares by the selling shareholder.

J.P. Morgan Securities LLC is sole book-running manager for the offering. The shelf registration statement relating to these securities was effective upon filing with the U.S. Securities and Exchange Commission.

In Friday's regular trading session, KORS is currently trading at $76.24, down $3.73 or 4.66%.