** Keurig Dr Pepper's KDP.O shares down 0.9% premarket to $33.75 after overnight secondary priced

** Massachusetts-based beverage co late Thurs announced 75 mln shares offloaded by JAB Holding Co at $33.45, equating to total deal size of $2.5 bln

** Offering priced at 1.7% discount to last sale with JP Morgan as sole underwriter

** Sale takes European investment firm JAB's stake from ~9.9% to 4.4%, or ~59.1 mln shares

** KDP has ~1.36 bln shares outstanding for ~$46 bln market cap

** In Feb, JAB slashed its stake in a secondary offering priced at $32.80, and three board members affiliated with JAB resigned from the beverage firm's board

** JAB, owned by Germany's billionaire Reimann family, took Keurig Green Mountain private in 2016 and was the largest shareholder of the combined co after its 2018 merger with Dr Pepper Snapple

** Last week, KDP reported Q1 results above consensus, aided by robust U.S. demand

** Of 21 analysts covering KDP, recommendation breakdown is 14 "strong buy" or "buy", rest "hold" and their median PT is $40, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))