ASI,American Safety Insur Gp
GPI,Group 1 Automotive Inc
GPI,Group 1 Automotive Inc, has moved from 24to 63 in a year due to good earnings. Yesterday the stock had all time high volume after announcing a secondary issue. High prices are being used by management to issue more shares. This has resulted in lots of investors heading for exit.
Automotive retailer Group 1 Automotive Inc. (GPI.N: Quote, Profile, Research) said on Tuesday that it had priced $250 million of 2.25 percent convertible senior notes due 2036 in a private offering to institutional buyers.
The notes will be convertible into cash and, if applicable, shares of Group 1 common stock, based on an initial conversion price of approximately $59.43 per share. Group 1 has granted to the initial purchasers a 13-day over-allotment option to purchase an additional $37.5 million of the notes.
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