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.