Fender Withdraws IPO
July 20, 2012
Fender Musical Instruments Corp. has called off its planned initial public offering of stock. The company attributes the scrubbed IPO on the unstable economic conditions, both here and abroad.
“Current market conditions and concerns about economic conditions in Europe do not support completing an initial public offering at what we believe to be an appropriate valuation at this time,” Chief Executive Larry Thomas said in a statement Thursday.
According to a filing this month with the Securities and Exchange Commission, Fender planned to have a total of about 26.4 million shares outstanding after going public, which would have valued the company at around $395 million.
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