Business

Caribou Coffee Holder Offers To Sell 5.2M Shares

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(credit: CBS)

(credit: CBS)

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MINNEAPOLIS (AP) – Caribou Coffee Co. said Monday that one of its major stockholders is offering to sell about 5.2 million shares.

Caribou Holding Company Ltd., an affiliate of Bahrainian investment firm Arcapita Bank B.S.C., is also giving the underwriters of the public offering an option to buy up to 772,245 additional shares to cover any excess demand.

Including the optional shares, the offering amounts to Arcapita’s entire stake in Caribou.

Caribou Coffee will not receive any of the offering’s proceeds. The company has about 20.7 million shares outstanding.

Earlier this month Caribou Coffee reported that its second-quarter net income rose 83 percent as revenue from its coffee shops, commercial sales and franchise sales all improved

Caribou Coffee had 554 coffeehouses, including 147 franchised locations, in 20 states, the District of Columbia and nine international markets as of July 3.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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