The Davidson Family has sold a substantial portion of its holdings in CUC International through a public secondary offering

November 1996 – Kerlin acted as the financial advisor to the Davidson family who in November 1996, four months after the CUC merger, sold $460 million of CUC shares through an underwritten secondary offering. Kerlin created the liquidity strategy, assisted in the selection of managing underwriters, monitored the marketing of the offering and assisted in negotiating the underwriting fees and final pricing. At the time, the gross underwriting spread negotiated by Kerlin was one of the lowest paid in a public offering for similarly sized transactions.


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