Keurig Dr Pepper (NYSE:KDP) (the "Company" or "KDP") announced today the commencement of a registered public secondary offering of 37.5 million shares of the Company's common stock, or approximately 2.6% of the Company's outstanding common stock. All of the shares sold in the offering will be sold by Maple Holdings B.V.("Maple") and by Mondelēz International Holdings LLC. The selling stockholders also granted the underwriter a 30-day option to purchase up to an additional 5.625 million shares of the Company's common stock. Maple has also indicated to the Company that its decision to commence the offering was motivated by a desire from KDP's management to provide additional liquidity to the market.
Maple is a holding company majority-owned by JAB Holdings B.V. ("JAB"). JAB has indicated an interest in purchasing directly an aggregate of up to approximately 7.4 million shares of common stock in this offering at a price equal to the price paid for the common stock by the underwriter. JAB may also purchase additional shares if the underwriter exercises its option. The net impact of the offering is expected to increase the float by approximately 2%.