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Blue Buffalo shares slide 7% after owners trim holdings

Bags of Blue Buffalo pet food
Richard Levine | Corbis | Getty Images

Shares of Blue Buffalo Pet Products fell about 7 percent Tuesday after the natural pet food company said its top two holders will sell part of their stakes in a secondary offering.

Private equity sponsor Invus reduced its position to 44.5 percent from 50.9 percent and the founding Bishop family pared its stake to 6.2 percent from 7.1 percent, according to a Monday filing with the U.S. Securities and Exchange Commission. The two entities together are a controlling group that still holds a combined 50.7 percent.

JPMorgan Securities and Citigroup Global Markets are the underwriters for the 14.3 million shares in the secondary offering expected to close Friday, the natural pet food company said in a release Monday.