March 12, 2019 / 1:27 PM / 9 months ago

BUZZ-Altice USA: Drops on 13.5 mln share block trade

** Cable TV provider Altice USA Inc down 2.5 pct at $21.25 premarket on an unregistered block trade

** Market sources say Morgan Stanley reoffered 13.5 mln shares at $21.35-$21.50, the bottom end a 2 pct discount to ATUS’s last sale on Mon; seller(s) not known at this time

** Block represents ~4 pct of co’s free float of shares and just north of 2 days worth of trading volume

** Transaction comes less than 2 weeks after BC Partners and Canada Pension Plan sold 34 mln ATUS shares, cutting their combined stake to ~10.5 pct; co bought 7 mln of those shares and JP Morgan reoffered remaining 27 mln at $21.50 on Mar 1

** Aside from investors noted above, other holders that own at least 13.5 mln shares are: Neptune Holding (entity controlled by billionaire, and Altice founder, Patrick Drahi); Vanguard, Dodge & Cox, Citadel and Capital Group Cos (Refinitiv data)

** ATUS has gained 32 pct in 2019, but is still well below its $30 Jun 2017 IPO price

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