Genting to reduce their stake in NCL

[jame_g]

Genting will sell up to 11.5 million shares, reducing its stake in Norwegian Cruise Line to as low as 37.7 percent.

 

http://www.reuters.com/article/2013/07/31/genting-norwegian-idUSH9N0FT00Q20130731?feedType=RSS&feedName=marketsNews&rpc=43

 

Not much substance to the article.

[njhorseman]

It's not just Genting. All three major shareholders, Genting, Apollo and TPG are selling shares. Together they will own 77% of the company after the sale as opposed to 88% today. Here's a more complete article:

 

http://www.bloomberg.com/news/2013-07-30/norwegian-cruise-investors-file-to-sell-600-million-of-shares.html?cmpid=msnmoney

[rvsullivan]

Profit taking, bought at 19 and sold at 29, not bad. They still are majority holders by a large number.

[Seanote]

Profit taking, bought at 19 and sold at 29, not bad. They still are majority holders by a large number.

 

More than that:

Apollo and later, TPG bought 50% of the company for $1Bil making the company worth $2Bil. At today's stock price of ~$30/share, the market capitilization of NCLH is ~$6 Bil. That is a tripiling of the initial investment!