14.11.2007

Manitowoc to issue more shares

The Manitowoc Company has announced that it intends to offer, 3 million new shares of its common stock in an underwritten offering on November 15.

The new shares will be priced according to the market value at closing of that day. The underwriter will be granted an option to purchase up to 450,000 additional shares to cover any over allocations.

The offering is intended to increase liquidity to meet anticipated demand for the company's shares after its joins the S&P 500 Index on November 16th.

Standard & Poor's announced the addition of Manitowoc to the S&P index on November 9th.