Weight Watchers International, Inc. announced today an initial public offering of 17,400,000 shares of common stock, or approximately 16% of the Company's total outstanding common stock, at a price of $24 per share. As of today, the stock will trade on the New York Stock Exchange (NYSE) under the symbol WTW.
All of the 17,400,000 shares are being sold by non-employee shareholders, principally Artal Luxembourg S.A., a private European investment company that acquired Weight Watchers International, Inc., in September 1999. After completion of the offering, Artal will continue to hold approximately a 79% ownership interest in Weight Watchers International, Inc. The selling shareholders have granted the underwriters an option to purchase an additional 2.61 million shares of common stock to cover over allottments, if any. The Company will not receive any of the proceeds from the offering.
The underwriters for the offering are Credit Suisse First Boston, Goldman, Sachs & Co., Merrill Lynch & Co., Salomon Smith Barney and UBS Warburg.
For copies of the prospectus for these securities, please write to CSFB Prospectus Department, Level 1B, Eleven Madison Avenue, New York, NY 10010.
Weight Watchers International, Inc., is the world's leading provider of weight loss services, operating in 27 countries through a network of company-owned and franchise operations. Currently, over 1 million members attend weekly Weight Watchers meetings to receive group support and education about healthy eating patterns, behavior modification and physical activity. In addition, Weight Watchers offers a wide range of products, publications and programs for those interested in weight loss and weight control.
All of the 17,400,000 shares are being sold by non-employee shareholders, principally Artal Luxembourg S.A., a private European investment company that acquired Weight Watchers International, Inc., in September 1999. After completion of the offering, Artal will continue to hold approximately a 79% ownership interest in Weight Watchers International, Inc. The selling shareholders have granted the underwriters an option to purchase an additional 2.61 million shares of common stock to cover over allottments, if any. The Company will not receive any of the proceeds from the offering.
The underwriters for the offering are Credit Suisse First Boston, Goldman, Sachs & Co., Merrill Lynch & Co., Salomon Smith Barney and UBS Warburg.
For copies of the prospectus for these securities, please write to CSFB Prospectus Department, Level 1B, Eleven Madison Avenue, New York, NY 10010.
Weight Watchers International, Inc., is the world's leading provider of weight loss services, operating in 27 countries through a network of company-owned and franchise operations. Currently, over 1 million members attend weekly Weight Watchers meetings to receive group support and education about healthy eating patterns, behavior modification and physical activity. In addition, Weight Watchers offers a wide range of products, publications and programs for those interested in weight loss and weight control.