The shares were sold at an average price of $10.47, on February 19, for a total value of $1,570,500.00 .
Benson Group acquisition
Following the completion of the sale, Scheible now owns 1,122,380 shares of the company’s stock, valued at approximately $11,751,319, according to the Mideast Times.
The transaction was disclosed in a filing with the Securities & Exchange Commission.
FoodProductionDaily.com reported last week the firm’s European subsidiary will buy Benson Group , a food and healthcare packaging company in the UK for $165m.
Scheible said at the time, the acquisition broadens its food and consumer products offerings and is expected to 'enhance its folding carton business in Europe, with sales in excess of $700m'.
The acquisition is subject to standard closing requirements and is expected to close in the second quarter.
Speaking to FoodProductionDaily.com, Nicholas Mockett, head of Packaging M&A (mergers and acquisition) at Moorgate Capital advisory firm in London said it’s not unusual for management to sell shares.
“Sometimes they are doing it because they have received a payment in shares, such as a bonus, and may need to sell some to meet a tax obligation, for example,” he said.
“When a company sells shares, as opposed to a CEO selling some of his shares, it is quite often to raise a war chest for acquisitions.”
Graphic Packaging Holding last posted its quarterly earnings results on February 6.
The company reported $0.17 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.13 by $0.04.
The company had revenue of $1.08bn for the quarter, compared to the consensus estimate of $1.15bn.
During the same quarter in the previous year, it posted $0.08 earnings per share and quarterly revenue was up 2.1% on a year-over-year basis.
Analysts expect Graphic Packaging Holding will post $0.63 EPS for the current fiscal year.