The offering represented 54.9% of the company, valuing the company at $1.86 billion. Due to the economic downturn, the IPO was below Moyes leveraged-buyout (LBO) price of $17.61.
The offering accounted for 54.9% of the company's equity, valuing it at $1.86 billion. Given the economic downturn, the initial public offering was priced below Moyes' leveraged-buyout (LBO) price of $17.61.