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 to sell five million shares of its common stock to finance acquisitions and "other general corporate purposes."
At yesterday's stock closing price of $34.81, the sale would be worth more than $174 million to the Daytona Beach, Fla., broker.
According to a statement, the firm would grant the financial brokers of the sale additional 750,000 shares to cover over-allotments, worth more than $26 million.
The firm said J.P. Morgan Securities, Inc., based in New York City, and SunTrust Robinson Humphrey, located in Atlanta, Ga., a division of SunTrust Capital Markets, Inc., would act as representatives.
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