A large investor in Flagstar Bancorp is reducing its stake in Troy, Michigan.
The $ 26.8 billion flagstar announced in a filing for filing on Monday that MatlinPatterson plans to sell 6 million shares in a secondary offering. The investor could sell an additional 900,000 shares if there is sufficient demand.
The pricing has not been set.
MatlinPatterson's stake in Flagstar will decrease from 36.2% to 25.6% upon completion of the sale.
The investor, who once owned more than 60% of Flagstar's shares, has gradually reduced his stake in the company.
Flagstar does not receive any sales proceeds.