Finance History | 11 Wall Street — Fourteen Dollars for a Swiss Scale Book Called MTD
· 1997-11
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Finance History | 11 Wall Street — Fourteen Dollars for a Swiss Scale Book Called MTD
kevin
People treat Mettler Toledo as a Greifensee instruments house that always printed MTD after a finished New York book.
The November 1997 issuer was Mettler-Toledo International Inc., a Delaware company recapitalized after AEA Investors bought the Mettler-Toledo group from Ciba-Geigy in 1996.
The company's 1997 Form 10-K records that its Form S-1 was declared effective on 13 November 1997.
The offering sold 7,666,667 shares, including the underwriters' overallotment, at 14.00 U.S. dollars a share in 1997 dollars.
Net proceeds were about 97.3 million U.S. dollars in 1997 dollars. Those proceeds, with a new credit facility, retired substantially all of the then-existing debt.
The same 10-K dates the first New York Stock Exchange session under MTD to 19 November 1997.
From that first print through 31 December 1997 the composite tape recorded a high of 18.75 U.S. dollars and a low of 14.75 U.S. dollars in 1997 dollars.
The mechanism is a leveraged-buyout exit: a precision-instruments book left a chemical parent, took on private-equity debt, then used a cash listing to refinance the debt.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that first printed MTD.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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