West Milwaukee-based Rexnord Corp. announced today that its largest shareholder plans to sell 11 million of its stock shares through a public offering.
The shares are being sold by Apollo Global Management LLC, which acquired Rexnord in 2006. Rexnord went public in March 2012.
The manufacturer of power transmission and water management products will not issue shares in the offering and will not receive any of the proceeds of Apollo’s offering.
Rexnord shares closed at $17.92 last Friday. They have traded in a range of $14.87 to $22.45 in the past year.
Rexnord announced last week that its board of directors has determined that the firm’s best alternative is to remain as an independent, publicly traded company. The board concluded its previously announced review of the company’s strategic alternatives.
