PENTLAND TO REDUCE REEBOK <RBK> HOLDINGS Pentland Industries PLC said it report a substantial capital gain from the sale of part of its holdings in Reebok International Limited, which will cut its stake in Reebok to 32.2 pct from 36.7 pct. It said Reebok filed a registration statement with the Securities and Exchange Commission for the offering of six mln shares of Reebok common. Reebok will sell three mln shares and Pentland will sell 1,404,866 shares, reducing its stake in Reebok to 18.1 mln from 19.5 mln shares. After the offering, Reebok will have 56.1 mln shares shares outstanding. Pentland said the amount of the capital gain from the sale depends on the offering price for the Reebok shares to be negotiated between it, Reebok, and the other selling stockholders who will offer about 1.6 mln shares of Reebok common, and the underwriters. Pentland said proceeds from the offering will be used by Reebok to retire bank debt incurred in its acquisition of AVIA Group for about 180 mln dlrs. Is said that afterwards, Reebok will have bank credit lines available for general corporate purposes, including possible acquisitions. Reebok's stock was selling at 45-1/2, up 1/8. At that price, the 1.4 mln Reebok shares Pentland will sell are worth about 64 mln dlrs and the three mln shares Reebok will sell are worth about 136.5 mln dlrs. Pentland said it will use proceeds to fund growth and possible acquisitions. Pentland said 4,500,000 shares of Rebbok will be offered in the U.S. by a syndicate led by Kidder, Peabody and Co Inc and 1,500,000 shares will be offered outside the U.S. by an international syndicate led by Kidder. It said the U.S. underwriters have been granted an option to buy from certain selling stockholders up to an additional 900,000 shares to cover overallotments. Pentland said it has not chosen to participate in this over allotment. Pentland said that as soon as the date and price of the offering have been determined it will release further details. It said it expects the offering to close in May.