Phoenix,
Here's an article that explains it all. The shares were sold to clients for a total of $1.64 Billion this morning through Goldman Sachs for $132.50 per share. Before the sale, Ericsson owned 5% of Juniper. This sale was about half their stake in Juniper. Goldman's clients bought the shares and due to the demand for them decided to sell that amount.
cnetinvestor.com
"Goldman traders said the price offered to their clients was about $132.50. While that would value the entire 12.4 million shares at $1.64 billion, Ericsson probably sold its Juniper shares to Goldman at a lower price. Companies typically sell shares to their broker at a discount."
So we still don't know the exact price or discount that Ericsson got for their shares, but we know the Goldman clients got them for $132.50 and the demand was strong.
"Following today's sale, Ericsson's stake in Juniper fell to about 2 percent from 5 percent, Gideon said.
Ericsson invested about $41 million in Juniper before the company's IPO.
Juniper sold 783,875 shares of its Series C preferred stock to Ericsson in 1997, at $8.93 a share, for about $7 million, company spokesman Randi Paikoff Feigin said. In March 1999, Juniper sold the Swedish company 500,000 Series D preferred shares and 2.58 million Series D-1 preferred shares for about $34.0 million."
Do you still feel this is something the SEC needs to get involved with? Do you not think that proper protocol was followed?
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