DST Systems completes $650 million stock deals with Argyros group
05/14/2014 6:15 PM
05/14/2014 10:54 PM
DST Systems Inc. said Wednesday it completed its $650 million stock transactions involving its large California-based owners led by businessman George Argyros.
The Argyros group got DST’s help to sell to investors nearly 5.4 million DST shares the group owned. The sale, through a public offering, generated $450 million for the Argyros group.
DST also bought nearly 2.5 million additional DST shares the Argyros group owned, paying just under $200 million.
Combined, DST said, the transactions reduced the Argyros group’s 21.8 percent stake in DST to less than 5 percent. DST had agreed to the transactions after facing a challenge from the Argyros group ahead of the company’s shareholders meeting, which was held Tuesday.
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