Fender Calls Off Planned IPO Due to Weak Economy
George Harrison with a Fender Stratocaster in 1971.
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Fender Musical Instruments Corp. has changed its tune. The company has called off its planned initial public offering (IPO) of Fender stock.
According to a statement released by Fender on Thursday, the company blames the economy here and abroad.
“Current market conditions and concerns about economic conditions in Europe do not support completing an initial public offering at what we believe to be an appropriate valuation at this time,” Chief Executive Larry Thomas said.
As we reported earlier, Fender planned to have a total of about 26.4 million shares outstanding after going public, which would have valued the company at around $395 million.
The company, the largest seller of guitars in the U.S., was founded by Leo Fender in 1946. Fender sold his company in 1965. The company is based in Scottsdale, Arizona, but makes the bulk of its iconic instruments in Corona, California.
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gearboxty
July 31, 2012 at 12:05pm
Good job on the correction of the caption! Nice to see someone is monitoring these posts.
gearboxty
July 20, 2012 at 5:38pm
Seriously! Who is doing your fact checking? I still haven't seen a correction of the incorrect date of Jim Marshall's death in the July, 2012 issue!
mhj5
July 20, 2012 at 4:20pm
George Harrison? check. 1971? probably. Fender Telecaster? come on, Guitar World.
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