Shares at Puma AG rebounded a bit by the end of the week after falling Monday on news that the company’s largest shareholder Monarchy/Regency Enterprises, put its entire 39% holding up for sale. Puma closed down 3.6% for the week to close at €83.70. Goldman Sachs was handling the transaction that was valued about €580 million ($682 million).

This is the first time that PUMA AG will operate without a majority shareholder. The move increases the company’s free float to 100%.

The action by Monarchy/Regency was seen as an opportunity to cash in on its initial investment, with Puma shares starting the week almost double the value of shares when M/R made its initial investment. M/R acquired a 12% stake in Puma in 1996, a 25% stake the following year and further shares in 1999.

Monarchy/Regency’s will stay connected with Puma, primarily through its five-year contractual marketing agreement. Puma also has a similar agreement in place with FOX Entertainment.

>>> It’s always troubling when someone so close makes this kind of move. The big question on the street is, “Why the whole thing?”