Arcos Dorados Shares Drop After Secondary Prices

The world's largest McDonald's franchisee, Arcos Dorados Holdings is seeing its shares fall today, with greater than usual volume, following the pricing of an offering.

The company said it priced an underwritten secondary offering of about 40.4 million class A shares at $22 per share. All of the shares are being offered by certain shareholders. The selling shareholders gave underwriters permission to purchase an additional 4 million shares to cover over allotments.

Arcos Dorados is the largest McDonald's franchisee in terms of systemwide sales and number of restaurants, and is the largest quick service restaurant chain in Latin America and the Caribbean, with restaurants in 20 countries and territories.

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