DoubleClick to Sell 2.5 Million Shares
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DoubleClick Inc. said it filed with the Securities and Exchange Commission to sell 2.5 million shares of stock to the public.
The sale would raise about would raise $89.7 million, based on yesterday's closing price of $35.875. Underwriters were granted a 375,000 share overallotment option, which if exercised would provide the company another $13 million or so.
"We have $50 million in cash, so we don't need the money today, but we think it's generally a good time to be raising money for future growth," Jeff Epstein, DoubleClick's chief financial officer, told Bloomberg News.
DoubleClick currently has about 16.5 million shares outstanding, according to S&P MarketScope. The sale would boost outstanding shares by a little more than 15 percent, Reuters said.