IPO delayed until October 14:
news.cnet.com
Allen's Charter delays plans for IPO
By Bloomberg News
Special to CNET News.com
September 10, 1999, 4:30 p.m. PT
Charter Communications, the cable TV operator owned by billionaire Paul Allen, delayed its initial stock sale until October 14, according to Goldman Sachs, which is handling the sale.
Charter, which will be the fourth-largest U.S. cable firm after pending acquisitions are completed, had been expected to sell shares to the public during the week of September 27.
The St. Louis-based company has not yet set terms for the sale, though in its initial filing with the Securities and Exchange Commission it supplied a figure of $3.45 billion for the purpose of calculating a filing fee.
The delay in setting the terms of the public stock sale is a reflection of its large size, analysts said.
"The bigger the beast, the slower it moves," said Ben Holmes, founder of ipoPros.com, a Boulder, Colorado, research firm that specializes in IPOs. "They're raising a large amount of money. As far as I'm concerned, they're right on track."
Charter intends to sell class A common shares that have less voting power than the class B shares to be held by Allen, who will retain majority control. Proceeds of the sale will be used to finance acquisitions and pay down debt. |
