Global chemical and ingredients distributor Univar Solutions Inc., Downers Grove, Ill., reported late last month that investment group Clayton, Dubilier & Rice (CD&R), New York City, has sold its 11,594,268 shares of 6.9 percent of Univar common stock to Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as the underwriters in the registered public offering of those shares. Goldman and J.P. Morgan propose initially to offer the shares to the public at a fixed price. CD&R will receive all net proceeds from this offering. No shares are being sold by Univar. Following the offering, it is expected that CD&R will no longer hold any shares of Univar common stock.
Due to CD&R’s exit from stock ownership, Univar announced that CD&R’s representative on the Board of Directors David H. Wasserman has tendered his resignation. He has been on the Board for nine years and with CD&R for 21 years. Univar praised his perspective and service, especially as the company emerged from its initial public offering in 2015.
The Board will not replace Wasserman and instead will reduce its size to 12 directors, effective Oct. 31, 2019.