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DoubleClick to Sell 2.5 Million Shares

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.

Managing underwriters for the DoubleClick offering are Goldman, Sachs & Co.; BT Alex. Brown, Donaldson, Lufkin and Jenrette; and Salomon Smith Barney Inc., the company said in a statement.