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PR Newswire is an important news source that can be accessed via the X-Billboard. It is part of the Newswire Hub, which bundles important international news sources for stock market participants in one central location. If you want to get a quick overview, you can easily scroll through the headlines. If you want to look at the news in more detail, you can use the detailed views of the info cards to directly access the respective news item and other analysis tools.
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State: 17.08.2024 | 11PM
Mon, 09.12.2024       Arthur J. Gallagher
US3635761097

ROLLING MEADOWS, Ill., Dec. 9, 2024 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) ("Gallagher") today announced an underwritten public offering of $8.5 billion of its common stock.  Morgan Stanley & Co. LLC is acting as lead active book-running manager and BofA Securities, Inc. is acting as active book-running manager for the offering.  Gallagher also intends to grant the underwriters a 30-day option to purchase an additional $1.275 billion of shares of common stock from Gallagher.

Gallagher intends to use the net proceeds of this offering to fund a portion of the cash consideration payable in connection with its previously announced proposed acquisition of Dolphin TopCo, Inc., the holding company of AssuredPartners, Inc. (the "Transaction") and, to the extent that any proceeds remain thereafter, or if the Transaction is not completed, for general corporate purposes including other acquisitions.  In addition to the net proceeds from this offering, Gallagher expects to use available cash and available borrowings under its Revolving Credit Facility or other borrowings to fund the purchase price for the Transaction.

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