Resources Connection, Shareholders to Sell Stock
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Resources Connection Inc. and shareholders of the Costa Mesa accounting and professional-services company plan to sell 3.6 million shares of stock worth about $92 million, according to a regulatory document filed Tuesday.
Top shareholder Evercore Partners LLC, which helped finance a management-led buyout of the company from Deloitte & Touche LLP in April 1999, is the biggest seller, offering 3 million shares valued at $76.5 million, according to the filing with the Securities and Exchange Commission. Afterward, Evercore will hold 2.8 million shares, a 13.5% stake.
DB Capital Investors LP, an affiliate of Deutsche Bank AG, will sell 332,591 shares worth $8.5 million.
Chairman and Chief Executive Donald Murray, 54, plans to sell 86,957 shares, worth $2.2 million, to cut his stake to 6.4% with 1.3 million shares, according to the filing.
Resources Connection plans to sell 200,000 shares worth $5.1 million. The money raised would go for general working capital, the company said in the filing.
The stock, which has more than doubled since the company went public last December at $12 a share, closed Tuesday at $25.48, off 62 cents in Nasdaq trading.
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