Brown & Brown Announces Stock Offer
|By Mark E. Ruquet
|NU Online News Service, Feb. 15, 12:00 p.m.EST?Insurance broker Brown and Brown announced it plans tosell five million shares of its common stock to financeacquisitions and "other general corporate purposes."
|At yesterday's stock closing price of $34.81, the sale would beworth more than $174 million to the Daytona Beach, Fla.,broker.
|According to a statement, the firm would grant the financialbrokers of the sale additional 750,000 shares to coverover-allotments, worth more than $26 million.
|The firm said J.P. Morgan Securities, Inc., based in New YorkCity, and SunTrust Robinson Humphrey, located in Atlanta, Ga., adivision of SunTrust Capital Markets, Inc., would act asrepresentatives.
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