Here's a new rumor to kick around.
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Forstmann Little & Co To Sell 12.5% Interest in GI
Aug. 27, 1998 (CABLEFAX, Vol. 9, No. 166 via COMTEX) -- GI [GIC]
filed a S-3 with the SEC that lets Forstmann Little sell 21.7mln
registered shares of GI's outstanding common stock, about 12.5% of the
company, with 17mln of the shares to be sold in a secondary offering
managed by Goldman Sachs, Merrill Lynch [MER] and Lazard Freres.
Forstmann Little, which acquired the "former" GI in August '90, and
reduced its stake through a June '92 IPO, also will distribute or sell
its interests in CommScope [CTV] and Gen'l Semiconductor [SEM] that
resulted from the July '97 spinoffs of GI divisions. "This
distribution now reflects our belief that, after 8 years, our limited
partners should be free to make their own investment decisions
concerning the rest of their shareholders in the 3 companies,"
Forstmann Little sr partner Theodore Forstmann said. The move is seen
as a cashing out on a decent investment by the partnership. One
company that might take a hard look at those shares could be Sony,
which already holds a modest stake in GI, and has been looking for ways
to increase it. |
