(CercleFinance.com) – GE HealthCare fell Friday morning in early trading on the New York Stock Exchange due to a placement of Morgan Stanley securities, carried out at a price much lower than the previous day’s price.
Around 10:30 a.m. (local time), the stock of the diagnostic imaging equipment specialist lost almost 1%, marking one of the sharpest declines in the S&P 500 index.
GE HealthCare specifies that Morgan Stanley plans to place approximately 13 million shares based on a price of $82.25 per share, a discount of almost 4% compared to its closing price on Thursday.
The operation therefore represents a total amount of more than a billion dollars.
In detail, the former parent company GE plans to convert debt currently held by Morgan Stanley into GE HealthCare shares, which will then be sold on the market.
Morgan Stanley, BofA Securities, Citigroup, Evercore ISI, Goldman Sachs and JP Morgan are to act as co-managers in the offering.
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