U.S. buyout firm CD&R cuts stake in UK’s B&M — Reuters

(Reuters) – U.S. buyout group Clayton, Dubilier & Rice has sold a 12 percent stake in B&M European Value Retail, the fast-growing British discount store chain, raising 384 million pounds ($582 million).

CD&R said on Wednesday it had sold 120 million B&M shares at a price of 320 pence per share, reducing its holding to 17.4 percent.

It said strong investor demand meant it increased the placement from the initially planned 100 million shares.

Liverpool, north west England-based B&M, which trades under the B&M Bargain and B&M Homestore brands, listed its shares on the stock market at 270 pence in June last year.

Last month the firm said it was on track to meet expectations for full-year revenue and profit.
Merrill Lynch and Deutsche Bank acted as joint bookrunners for the placing. Lazard acted as financial adviser to CD&R.
($1 = 0.6599 pounds)