GOODLETTSVILLE (AP) - Dollar General Corp. said Wednesday that some of its existing shareholders plan to sell 30 million shares in an underwritten secondary public offering.
The Goodlettsville-based dollar store operator said that it's not selling any of the shares and it will not receive any proceeds from the offering. The selling shareholders include Buck Holdings LP, Dollar General CEO Richard Dreilin and other company executives, according to a Securities and Exchange Commission filing.
In addition, the selling shareholders have granted the offering's underwriters - Citigroup, Goldman, Sachs & Co. and KKR - an option to buy up to 4.5 million additional shares.
Buck Holdings, a KKR subsidiary, was Dollar General's largest shareholder following its 2009 initial public offering, but has been gradually paring back its stake. It planned to sell up to 24.7 million shares in the offering, if the underwriters exercised their op tion in full, which would reduce its stake in the company to 6.2 percent from 16.5 percent.
Dollar General shares fell $1.32, or 2.5 percent, to $50.90 in premarket trading Wednesday. They have been trading near the high end of their 52-week range of $39.73 to $56.04.