Stock Underwriters Exercise Option for Armstrong Shares

Dec 14, 2012

secondary public offering exercised an option to buy 780,000 additional shares of the company.

The stock offering underwriters included Bank of America, Merrill Lynch, Barclays, Citigroup, Deutsche Bank Securities, Goldman Sachs & Co., and J.P. Morgan. The sellers were The Armstrong World Industries Inc. Asbestos Personal Injury Settlement Trust and Armor TPG Holdings L.P., the corporation's majority shareholders. During this latest offering, they sold 5,980,000 common shares of Armstrong World Industries stock at $51 apiece, for an approximate total of $305 million.

Armstrong World Industries said it did not receive any of the proceeds from the offering of its shares. Periodically, according to LancasterOnline.com, the asbestos trust sells some of the company's stock to generate cash to pay personal injury claims resulting from alleged asbestos exposure in its products.

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