Why Lending Tree Stock Dropped 10% on Tuesday
Shares of online-loans facilitator LendingTree (NASDAQ: TREE) closed down 10.6% on Tuesday after the company announced that its largest shareholder, a subsidiary of GCI Liberty, plans to sell all of its shares of LendingTree at a price well below where LendingTree stock closed on Monday. GCI plans to sell just under 3 million shares of common stock at an offer price of $295 per share.
GCI simultaneously plans to sell 488,005 more shares in a private placement bought by the Royal Bank of Canada (RBC) at a price not specified in the announcement.
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