DOW JONES NEWSWIRES
Seneca Foods Inc. (SENEA) announced current Class A shareholders plan to sell at least 77% of the shares outstanding, taking advantage of a recent surge in the stock.
The Class A shares have more than doubled since bottoming out in late October, closing Wednesday at $31.82. The stock is up 54% this year as the fruit-and-vegetable producer and distributor has been reporting higher sales and earnings.
There are 4.8 million Class A shares and 2.8 million Class B shares outstanding.
Carl Marks Management Co. owned 2.4 million Class A shares as of March 31 while Manulife Financial Corp. (MFC) held 1 million and mutual-fund company Franklin Resources Inc. (BEN) had 556,600. For Marks and Manulife, the shares all represent converible preferred stock they currently hold which is exchangeable into Class A shares, while about half of Franklin's holiding is preferred stock.
Seneca Foods didn't disclose who might be the sellers. At least 3.7 million Class A shares will be available. -By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; kevin.kingsbury@dowjones.com