Jarden Corp. JAH -3.06% unveiled an offering of 11.6 million shares, the proceeds of which will be used to fund part of its acquisition of Yankee Candle.
Shares were down 4.1% to $45.50 in premarket trading. Through Tuesday's close, the stock has risen 2.5% in the past three months.
Jarden on Tuesday confirmed it had agreed to buy the nation's largest maker of scented candles for $1.75 billion in cash, a deal that comes after Yankee Candle's private-equity owners dropped a plan to sell it earlier this year.
Jarden, whose sales were flat at $6.7 billion last year, had said it expects to fund the Yankee Candle purchase with a combination of cash, debt and stock.
The company recently had roughly 112.6 million shares outstanding.
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