Google to sell 14.2 million more shares
Google Inc. said Thursday it has filed with the Securities and Exchange Commission for a proposed public offering of 14.2 million class A common shares.
Google shares, which have tripled since going public one year ago, closed Wednesday at $285.10 on the Nasdaq Stock Market, giving the offering an estimated value of $4 billion at that share price.
The operator of the popular Internet search engine said it intends to use the net proceeds from the offering for general corporate purposes, including working capital and capital expenditures, and possible acquisitions of "complementary businesses, technologies or other assets."
Following the offering, Google said there will be 191.1 million class A shares outstanding.
Google said Morgan Stanley & Co. and Credit Suisse First Boston LLC are the managing underwriters of the proposed offering. The underwriters have an option to purchase up to 600,000 additional class A common shares to cover over-allotments, if any.