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Rating:BlackRock Offering Will Yield BofA and PNC More Than $8B Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 09, 2010

BlackRock Offering Will Yield BofA and PNC More Than $8B

News summary by MFWire's editors

Bank of America and PNC's planned sale of some of their shares in BlackRock [see profile] will bring in more than $8 billion, and they're selling more shares than initially planned. Yesterday the mutual fund firm filed to price the offering at $163 per share.

Dow Jones' Joan Solsman reported on the new filing.

BlackRock first revealed the planned sale last week, with BofA and PNC offering up a total of 42 million shares and the underwriters (Morgan Stanley and BofA's own Merrill Lynch) gaining the opportunity to buy 6.3 million more shares (see The MFWire, 11/3/2010). Now BofA and PNC will offer 51,075,758 shares (which comes to nearly $8.33 billion at $163 per share) and the underwriters could buy up to 5,207,376 more shares. 

Edited by: Neil Anderson, Managing Editor


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