Caribou Coffee Co. Inc. said Monday that its largest shareholder, an affiliate of Arcapita Bank B.S.C., will sell its remaining holdings in the coffeehouse operator.
Caribou Holding Co. Ltd., the Arcapita entity, owns 5.9 million shares of the company and plans to sell them through a public offering. The company will sell 5.15 million shares through the offering and has granted underwriters an option to sell an additional 772,245 shares to cover over-allotments.
Caribou Coffee Co. Inc. will receive no proceeds from the offering.
Caribou Holding has been a shareholder in the Brooklyn Center-based company since before its 2005 initial public offering.
Caribou Holding owned as much as 58 percent of the company in 2010 before a similar offering in December in which it sold $56 million of its holdings, selling 5,750,000 shares at $9.75. After the December sale Caribou Holding still held a 29.4 percent stake in the company.
Caribou Coffee, which recently reported strong second-quarter results, fell $1.06 on Monday to $15.99. It has been one of the better-performing stocks in Minnesota since the start of the year.