Reasons for lightening up?
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February 29, 2000 08:24
Ask Jeeves Details Offering, Total Of 2.1M Shares
Being Sold (ASKJ)
(NewsTraders.com)-- Ask Jeeves Inc. (ASKJ), which on Feb. 16 announced
a proposed $150 million stock offering, disclosed today in a regulatory filing
that it plans to sell 1.4 million shares in the deal, with selling holders kicking
in an additional 0.7 million shares.
In an amended Form S-1 document this morning, the Internet search
company estimated its share of the stock sale's net proceeds at $89.3
million (assuming an offering price of $68.13 per share).
The company intends to use such funds for general corporate purposes,
including acquisitions and working capital requirements.
Selling holders include Compaq Computer (CPQ) affiliate CPQ Holding Inc.
and entities affiliated with venture capital firm Highland Capital Partners Inc.,
with the investors looking to unload 134,581 shares and 112,05 shares,
respectively.
In addition, directors Daniel Nova and Garrett Gruener are offering 112,051
shares and 94,408 shares, respectively.
Ask Jeeves will not receive any proceeds from the sale of stock by the
selling stockholders
After the offering, Ask Jeeves will have about 34.9 million common shares
outstanding.
Underwriters are being led by Goldman Sachs & Co. and Chase H&Q, and
include Robertson Stephens and U.S. Bancorp Piper Jaffray.
Shares of Ask Jeeves closed yesterday's trading session at $70.75, up
$2.63.
Copyright 2000 NewsTraders Inc. All Rights Reserved 08:27 Tuesday,
February 29, 2000 |
