Summary
This 8-K filing from Ares Management Corp. (ARES), filed on April 9, 2018, provides an update on a previously disclosed offering of common shares. The company and a selling shareholder entered into an underwriting agreement on March 7, 2018, for the sale of both primary shares issued by the company and secondary shares sold by the selling shareholder. A significant development reported here is the underwriters' election to purchase an additional 1,130,000 common shares from the selling shareholder through a partial exercise of their option. This partial exercise of the option increases the total number of shares being sold in the offering. The transaction, which includes both the primary issuance and the secondary sales (including the option shares), is expected to close on April 11, 2018. The filing also includes an exhibit containing the legal opinion from Proskauer Rose LLP regarding the validity of these common shares, reinforcing the legitimacy and structure of the offering.
Key Highlights
- 1Underwriters partially exercised their option to purchase an additional 1,130,000 common shares from the Selling Shareholder.
- 2This increases the total number of common shares being sold in the offering.
- 3The offering involves both primary shares issued by Ares Management, L.P. and secondary shares sold by a selling shareholder.
- 4The closing of the overall transaction, including the option shares, is anticipated for April 11, 2018.
- 5The filing includes an exhibit with an opinion from Proskauer Rose LLP on the validity of the common shares being offered.
- 6The offering is being conducted under a shelf registration statement on Form S-3.