Keurig Dr Pepper (KDP) announced that a subsidiary of JAB Holding Company will sell an aggregate of 60M shares of KDP common stock through a proposed registered public offering. JAB has also granted the underwriter a 30-day option to purchase up to an additional 9M shares. Following the completion of the offering, JAB will beneficially own approximately 16.5% of KDP’s outstanding common stock, or approximately 15.8% assuming full exercise of the underwriter’s option to purchase additional shares. The remaining shares beneficially owned by JAB will be subject to a 90-day lock-up agreement with the underwriter. Additionally, to fill the vacancy on the KDP Board of Directors left by JAB Partner Lubomira Rochet, who notified the company of her immediate resignation, the Board has appointed Frank Engelen, Managing Partner and CFO of JAB, as a director. Engelen will serve for an initial term expiring at the company’s 2025 annual meeting of stockholders. Morgan Stanley & Co. is acting as the underwriter for the proposed secondary offering.
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