Listen to this post
RBC I The Associated Press reported Tuesday KKR & Co., the parent company of private equity firm Kohlberg Kravis Roberts, shelved plans for a $500 million stock offering, citing unfavorable market conditions.
Henry Kravis owns the Westlands Ranch upriver.
The company reported that net income tumbled to $29.9 million in the quarter ended June 30 from $365.8 million the year earlier, in part because of the cost of issuing stock as compensation.
KKR buys companies and then sells them to the public or other investors.
In November, it took discount retailer Dollar General public. In January, it acquired British pet retailer Pets At Home. Its holdings include retailer Toys R Us and hospital operator HCA, both of which plan for initial public offerings.