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Cerberus to sell Freedom Group stake
Posted 12/18/12
NEW YORK — Cerberus Capital Management is attempting to sell its stake in Bushmaster gun maker Freedom Group. A .223-caliber Bushmaster rifle was believed to have been used during the shootings in Newtown, Conn., that killed 26 people at Sandy Hook Elementary School, including 20 children.
While Freedom Group is not publicly traded, shares in other major gunmakers fell sharply. Shares of Sturm, Ruger & Co. plunged nearly 7 percent in early trading. Shares of Smith & Wesson Holding Corp. fell more than 9 percent.
Cerberus said that it is not its role to take positions or attempt to shape or influence the gun control debate, but that it was taking what action it could by selling its stake in Freedom Group.