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The $5.8 billion-asset Chemical has begun a public offering of its common stock that seeks to raise $50 million, it announced Wednesday after the market closed. All of the shares are being offered by the company.
September 11 -
The Michigan company is set to raise up to $100 million if the right acquisition is available. Analysts say in an erratic M&A market, it is better to be ready to raise capital than to raise it and wait.
May 31
Chemical Financial (CHFC) in Midland, Mich., could raise up to $57.5 million through its
The $5.8 billion-asset company will offer more than 1.9 million shares of its common stock to the public at $26 a share, approximately 5% lower than its Thursday closing price of $27.28. The underwriters of the offering -- Keefe, Bruyette & Woods; Raymond James; and Sandler O'Neill -- will be given the option of buying 288,750 additional shares at the same price.
The offering is expected to close Wednesday.
Chemical,
