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Non-Tech : 1000% returns are cool !!!
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To: If only I'd held who wrote (2117)6/30/2000 9:28:36 AM
From: Marshall001  Read Replies (1) of 3326
 
Greg, The GENU IPO is an interesting one in that 90% of the shares outstanding were offered in the IPO. Here are some of the details.

Several months back when Bell Atlantic and GTE announced plans to merge and form Verizon, the FCC required the internet backbone and related data business of GTE networking to be transferred to an independently operated public corporation, with Verizon holding no more than the ten percent equity interest expressly permitted by the Telecommunications Act of 1996, and a five year option to increase its ownership to a controlling level once it receives sufficient interLATA relief to operate the business, i.e. once they open their markets to competition.

The underwriting team is led by Morgan Stanley. 174 million shares are being offered at a range of $12-15, making for a $2.3 billion offering and a market cap of $14.6 billion. The option business is a bit confusing. Basically Verizon is holding about 18 million shares. However these shares are a special class and can be converted to 800 million shares representing 82 percent of the company.

So basically , eventually the 192 million shares outstanding will turn into 974 million.. Gotta love those special class shares eh? From what I can gather, they cannot be converted for 5 years.

I am going to skip GENU for now.

M
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