This replaces an earlier item that incorrectly reported the largest shareholders remaining stake in the company. It has been corrected.
Shares of JELD-WEN Holding Inc.
JELD,
+1.38%
sank 7.0% in premarket trading Monday after the building products company said its largest shareholder is selling off its entire stake, equating to about 15% of the shares outstanding, with the company planning to buying back close to half of the shares being sold. Based on Friday's stock closing price of $29.40, the offering would be valued at about $437.56 million. The price of the offering has not yet been determined. JELD-WEN said it will not receive any proceeds from the offering. The company said it plans to repurchase about $200 million of the offering. JELD-WEN's stock has gained 5.0% over the past three months, while the S&P 500
SPX,
+0.16%
has advanced 7.1%.