Baker Hughes (NYSE:BHGE) -3.5% after-hours on news that General Electric (NYSE:GE) and other affiliates commenced a secondary offering of 105M BHGE class A common shares and would sell $250M in class B shares back to BHGE.
The sale means GE's stake in BHGE will drop below 50%, which reduces the number of GE-designated board members on BHGE from five to one.
John Rice will remain on the board as GE's official designee, and Lorenzo Simonelli and W. Geoffrey Beattie are expected to remain on the board but not as GE designees.
GE +0.4% after-hours.
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