Members of the Swartz family have informed the US Security...

Members of the Swartz family have informed the US Security & Exchange Commission that they plan to put up for sale up to about 18 percent of Timberland’s 36.8 million outstanding shares. Prior to the announcement, Timberland’s shares were trading at $49.47. Sidney Swartz, chairman of the company, owns together with other family members and various charitable and family trusts about 39 percent of the outstanding stock and 78 percent of the voting rights. They will still have a majority of the voting rights after the sale. Sidney wants to sell up to 2 million of its own shares. David and Julie Swartz, children of Sidney, who are not actively involved in the management of Timberland, would sell all their holdings, which amount to 1,534,754 and 1,987,687 shares, respectively. Jeffrey B. Swartz, president and CEO of the group, would sell up to one million shares. Of all the their shares, 2,071,000 are Class B shares that carry 10 votes each.