BUZZ - Ingram Micro shares decline as Platinum Equity reduces its holdings through a secondary offering

November 2 - ** Affected by the news of a secondary offering, IT product distributor Ingram Micro INGM.N saw its share price drop 4% in after-hours trading, closing at $25.89

** INGM, headquartered in Irvine, California, has launched an offering of 11 million shares initiated by its sponsor Platinum Equity (link)

** In addition, the company plans to authorize the repurchase of 1 million shares from exclusive underwriter Goldman Sachs as part of this offering

** According to data from London Stock Exchange Group (LSEG), Platinum currently holds about 164.3 million shares, accounting for 71% of INGM's approximately 230 million shares outstanding

** The Beverly Hills-based investment firm founded by billionaire entrepreneur Tom Gores previously sold part of its stake in a secondary offering in September (link) at $27.25 per share

** On Monday, INGM's share price closed down 5% at $26.98, narrowing its year-to-date gain to 26%

** Of 15 analysts, 7 rate the stock as “strong buy” or “buy”, while 8 suggest “hold”; the median target price is $32.50

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