After 17 years, Aramark looks to go public again
Company cites need for greater financial flexibility and funding for strategic initiatives.
IMAGE PHOTOGRAPH 2RMK
Aramark Corp. has filed a kregistration statement with the Securities & Exchange Commission for an initial public offering (IPO) of shares of new class B common stock through which it hopes to raise up to $600 million. The company would be listed on the New York Stock Exchange under the symbol RMK.
In a separate proxy statement/ prospectus filed with the SEC, Aramark also proposes to current shareholders the creation of a new class A common stock in addition to the class B offering. Class A stock, unlike class B, offers voting privileges.
The conversion is designed to head off the chances of a hostile takeover through the accumulation of publicly traded shares because class A stock will remain in the hands of company officers, employees and other authorized holders, rather than outside investors.
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