Footwear and apparel maker Timberland (NYSE:TBL), one of the companies on the SB20 list of top sustainable stocks, said relatives of Chairman Sidney Swartz and the Swartz Foundation plan to sell 3.26 million shares of Class A common stock.
Timberland says it the sale will support the Swartz family's philanthropic and investment diversification goals.
After the offering, which is expected to close on March 8, about 3.26 million shares will remain be for sale under the shelf registration filed in January, the company said in a news release.
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