Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Lazard to Sell Stock [TheStreet.com]
Summary: Merger-and-acquisition specialist firm Lazard filed a S-3 registration statement yesterday outlining a plan to sell 12 million shares, half of which are presently owned by executives and key company employees. Lazard has 37 million shares outstanding, 12 million of which are available for trading; yesterday's announcement means a doubling of the float. The proceeds from the 6 million shares the firm plans to sell (approx. $632m) will be used to expand its asset management business, advisory businesses and merchant banking activities, the investment bank said. Following the offering, public investors will have 46.9 percent stake in Lazard Ltd. Shares were down 4% to $43.96 on the news.
Related links: Press release. Media coverage: Reuters. Commentary: Barron's take on "boutique banks" • Insider Trading -- How it Works.
Potentially impacted stocks and ETFs: Lazard Ltd. (NYSE:LAZ)
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