Thursday, March 30, 2006

Google wants more cash

CNET News.com: "Google plans to sell up to 5.3 million shares of Class A common stock, which could would raise nearly $2.1 billion, based on Wednesday's closing price.
The plan, included in documents filed Wednesday with the U.S. Securities and Exchange Commission, marks the search company's second follow-on stock offering since going public less than two years ago.
Google expects to use the proceeds from the offering for 'general corporate purposes, including working capital and capital expenditures, and possible acquisitions of complementary businesses, technologies or other assets,' according to the filing.
The company also said in the filing that it had 'no current agreements or commitments with respect to any material acquisitions.'
'We estimate that we will receive net proceeds of $2.093 million from our sale of the 5,300,000 shares of Class A common stock in this offering, based upon our assumed public offering price of $394.98 per share, after deducting estimated offering expenses,' Google said in its preliminary prospectus supplement, which may be changed. The filing did not say when the offering would occur, but suggested it could happen periodically. "

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