Tower International Inc (NYSE:TOWR) shares lose by 4.99%


Dallas, Texas 07/26/2013 (Financialstrend) – Tower International Inc (NYSE:TOWR) had recently announced the fixing up of prices for the secondary public offering of the common stock that are to be issued by the company. The prices for the 7.25 million shares to be issued under this public offering had been fixed at the level of $21.25 per share and at a par value of $0.01 per share. While the selling shareholders of the stock would be offering the sale of 1.0875 million shares, the remaining shares would be offered from the company. It had further been announced that the company would not receive any proceeds from the sales of this secondary offering of the shares. The joint book running managers of the secondary public offering include Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Goldman Sachs Company. Further the co managers for this offering would include Robert W. Baird & Co. and Wells Fargo Securities LLC. It had been announced that this secondary public offering would be made in line with the effective shelf registration statement, which further includes a prospectus for the offer.

The stock of Tower International Inc (NYSE:TOWR) lost by 4.99% on Thursday and thereby reported a closing price of $20.57 per share for the day. The company had reported an intraday low price of $20.39 and intraday high price of $21.23 on Thursday. The 52 week low price of the stock is at $6.00 and 52 week high price of the stock is at $23.93 per share. Presently there are 20.42 million shares in the market and the institutional holding is at 92%. The stock had a trading volume of 4.45 million shares on Thursday and the average trading volume of the company is at the level of 177,757.00 shares per day.