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Technology Stocks : CSN-Convergys (NYSE) -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (50)	8/12/1998 3:27:00 PM
From: Carey Thompson	Read Replies (1) \| Respond to of 84

This is the latest on the Convergys IPO. Note CSN is selling 11.7% on Convergys thru this week's IPO. My opinion is a one day delay will not make a whole of difference in anything. Underwriter says Convergys IPO delayed until Wed. NEW YORK, Aug 11 (Reuters) - The underwriters for Convergys Corp. (CVG - news) said Tuesday that they will not price the customer and billing spinoff of Cincinnati Bell Inc (CSN - news) until Wednesday, a day later than orginally planned. Morgan Stanley, lead underwriter for the 18 million share IPO declined to say why they opted to wait, but said the deal will likely ''go on tomorrow's books.'' U.S. blue chips slid to their lowest close in five months today and when the broad market did not perform well with investors too distracted with current issues to worry about new ones. The Dow Jones Industrial Average closed unofficially down 112 points or 1.31 percent at 8462.85. IPO analysts had scaled back their original two-to-three point rise estimates for opening premiums on Convergys in the face of several postponed or canceled deals over the past few weeks. But the fact the IPO is going ahead at all was seen as a hopeful sign for solid deals. Convergys will offer 18 million shares globally, with 14.4 million in the United States, for between $17 and $19, raising a maximum of $342 million in gross proceeds. The company's operations combines Cincinnati Bell Information Systems (CBIS), MATRIXX Marketing and Cincinnati Bell's interest in its cellular service partnership with Ameritech Corp. (AIT - news). Cincinnati Bell will retain an 88.3 percent stake in the new company after the initial offering. CVG - news Ameritech Corp (NYSE:AIT - news) Cincinnati Bell Inc (NYSE:CSN - news) Copyright c 1998 Reuters Limited.