Bank of America
's planned sale of some of their shares in BlackRock
] 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.
' 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.
Neil Anderson, Managing Editor
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