Birkenstock falls after controlling shareholder L Catterton decides to trim its stake

Birkenstock shares fell 3.7% in premarket trading following the launch of a $1 billion secondary offering by controlling shareholder L Catterton. The company is not selling shares but plans to buy back and cancel approximately $500 million worth of stock from the offering. Despite the decline, L Catterton remains a controlling shareholder. This move follows an 11% rise on Thursday driven by strong Q3 earnings.

Birkenstock Holding (BIRK) traded lower in early action on Friday after launching an underwritten secondary offering of $1B worth of shares to be sold by an entity affiliated with private equity firm L Catterton. The company itself is not selling shares and will receive no proceeds from the offering. Notably, Birkenstock (BIRK) plans to buy back 12...