MEMPHIS, Tenn. -- Concord EFS, Inc. (Nasdaq:CEFT) will have a public offering of 22,531,849 shares of its common stock at $49.50 per share.
The shares offered include 17,031,849 shares held by selling stockholders -- most of whom were the former owners of Star Systems, Inc., which was acquired by Concord on Feb. 1, 2001 -- plus an additional 5,500,000 being sold by Concord.
Concord intends to use the net proceeds it receives from the offering for working capital and general corporate purposes, according to a press release issued by the company. Concord will not receive any of the proceeds from the sale of common stock by the selling stockholders.
The offering was managed by Salomon Smith Barney, Goldman, Sachs & Co., William Blair & Company, Banc of America Securities LLC, Bear Stearns & Co. Inc., Merrill Lynch & Co. and Morgan Keegan and Company, Inc. The company granted the underwriters an option to purchase up to 3,379,000 additional shares at the public offering price to cover any over-allotments.
