Central European Distribution Corporation has launched a common stock offering, following its acquisition a year ago of a stake in The Whitehall Group.

The US-based company, which operates primarily in Central and Eastern Europe, said today (13 July) that it has begun an underwritten public offering of around 8.2m shares of its common stock. Of these shares, 5.5m shares will be offered by CEDC.

The remaining 2.7m shares will be offered by Mark Kaoufman, who received the shares as consideration for the company's acquisition of a 49.9% voting interest and a 75% economic interest in the Whitehall Group in May last year.

CEDC said that it also intends to grant the underwriters an option for a period of 25 days to purchase up to 820,000 additional shares of common stock to cover any over-allotments.

The company will not receive any proceeds from the sale of Kaoufman's stock.

Earlier this year, CEDC posted a dip in sales for the first quarter of this year, with net profit turning into a loss for the period.