Crocs Inc said Blackstone Group LP is making a $200 million investment that will give the private equity firm a 13 percent stake in the shoe company.In exchange for the $200 million, Blackstone will receive preferred stock that can convert to common stock in three years if certain conditions are met. It will also receive two board seats.The preferred stock will have a 6 percent cash dividend rate and is convertible into shares of common stock at a conversion price of $14.50 per share.The shoemaker also said late on Sunday that the company's chief executive, John McCarvel, plans to retire in April and will also give up his seat on Crocs' board.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.42% or $0.13/share to $31.35. In the past year, the shares have traded as low as $15.20 and as high as $31.57. On average, 4674380 shares of BX exchange hands on a given day and today's volume is recorded at 2040116.
Crocs, Inc is a designer, manufacturer and distributor of footwear and accessories for men, women and children. Shares of CROX traded higher by 0.23% or $0.03/share to $13.33. In the past year, the shares have traded as low as $11.96 and as high as $17.95. On average, 1431980 shares of CROX exchange hands on a given day and today's volume is recorded at 546010.
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