VeriSign Inc Stock Price Declines Following Berkshire Hathaway Stake Sale
VeriSign Inc’s stock price has decreased in after-hours trading following the announcement that Berkshire Hathaway is selling a portion of its stake in the company.
Berkshire Hathaway, which held a 14.2% stake in VeriSign, is selling approximately one-third of its shares. The sale is valued at $1.23 billion and is taking place at a price of $285 per share.
The sale has resulted in a decrease in VeriSign’s stock price, with the company’s shares falling by approximately 6.5% in after-hours trading.
The sale is expected to lower Berkshire Hathaway’s holdings in VeriSign to around 9.6%.
Key Details of the Sale
- Berkshire Hathaway’s initial stake in VeriSign: 14.2%
- Number of shares being sold: approximately one-third of Berkshire Hathaway’s stake
- Sale value: $1.23 billion
- Sale price per share: $285
- Expected outcome: Berkshire Hathaway’s holdings in VeriSign to decrease to around 9.6%