Esprit's outgoing chairman sells about $755 million of stock

Investors are happy to buy despite a tight discount to the company's record high share price. Deal to wrap up Friday morning.

Michael Ying, the chairman of Esprit Holdings, last night put about half of his remaining stake in the company up for sale through an aggressively priced placement that was due to wrap up just before the start of trading today.

There has been widespread speculation that Ying would sell some of his shares after he announced a week ago that he is stepping down as chairman at the end of this year to become a non-executive director.

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