Dilutive Effect of New Stock Offering ConfirmationTo me, this is all procedural. They knew who was buying shares and who was taking on debt. This is just formalities. In the end, the financial structure will be very close to what they predicted. They did allow a small over-allotment and I suspect they will confirm in the next 30 days that they've been taken up as well.
There is no doubt that having more shares out there dilutes, and if their prediction that EPS stays stable in year 1, it can only mean good news in years 2 +. However until we get confirmation of that in August (when they said they would provide new guidance post SKY purchase), then there is a risk factor. What will counter that price pressure point is a positive Kentucky resolution and any other good news that comes out between now and then.