March 1, 2019 / 3:51 PM / 7 months ago

BUZZ-Altice USA: Falls as BC Partners, Canada Pension Plan cut some cord

** Cable TV provider Altice USA Inc drops >2 pct and threatening to snap 3-day win streak, as top investors carve about a third of their combined stake

** Altice says European buyout fund BC Partners and Canada Pension Plan Investment Board (CPPIB) elected to sell 34 mln ATUS Class A shares, cutting their combined ownership stake to ~10.5 pct

** Altice says it will buy 7 mln of the shares, roughly $150 mln worth

** Sources say JP Morgan re-offered remaining 27 mln shares at $21.50, a 1.4 pct discount to stock’s Thurs close

** Two weeks ago, CPPIB CEO Mark Machin warned of lower returns on assets over “next several years”, citing slowing global economy

** ATUS recently off 1.2 pct at $21.55 on 0.4x the 10-DMA volume. Move trims stock’s YTD gain to 30 pct

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below