Samsonite block

CVC and RBS sell $216 million of Samsonite shares

The sale, which accounts for less than 20% of their combined stake, comes about four months after a lock-up expiry and as the Samsonite stock breaks above the IPO price.
<div style="text-align: left;">
Samsonite CEO Tim Parker at the company’s trading debut in Hong Kong last year (AFP) </div>
<div style="text-align: left;"> Samsonite CEO Tim Parker at the company’s trading debut in Hong Kong last year (AFP) </div>

Two trading days after Samsonite International’s share price once again closed above the IPO price, private equity firm CVC Capital Partners and Royal Bank of Scotland teamed up to sell a portion of their remaining stakes in the luggage specialist at a 4.7% discount.

Investors had been expecting a trade from either or both of the two sellers since mid-December when the IPO lock-up expired, but yesterday’s transaction still seemed to take the market somewhat by surprise. Indeed, when a deal didn’t materialise immediately after Samsonite released stronger-than-expected 2011 earnings on March 28, investors who had been selling the stock short in anticipation of a sell-down seemed to become nervous...

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