Armstrong World Industries (Lancaster, Pa.) has started selling 6 million common shares of the company held by Armstrong World Industries Inc., Asbestos Personal Injury Settlement Trust, and Armor TPG Holdings L.P. to the public at an initial price of $51 per share.
Armstrong World Industries (Lancaster, Pa.) has started selling 6 million common shares of the company held by Armstrong World Industries Inc., Asbestos Personal Injury Settlement Trust, and Armor TPG Holdings L.P. to the public at an initial price of $51 per share.
This secondary public offering is expected to close Nov. 13, 2013, subject to customary closing conditions. More information is available here.
In November 2012, Asbestos Personal Injury Settlement Trust and Armor TPG Holdings L.P., offered 5.98 million shares in Armstrong. Armstrong filed for bankruptcy in 2000 amid a flood of personal injury claims resulting from alleged asbestos exposure in its products. It emerged from bankruptcy in 2006 as a new corporation with new stock, funding the asbestos trust by giving it more than half of that new corporate stock. Periodically, it sells some of the stock to generate cash to pay the asbestos-related claims.