Google issues new shares, stock drops

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Google issues new shares, stock drops

March 30, 2006

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Google's stock reached almost $400 yesterday, then dropped in after hours trading to $385 after the company said it will be selling an additional 5,300,000 shares to raise an additional $2 billion.

The issuing of new shares in Google will partially meet the anticipated needs of index and mutual funds to purchase Google's common stock when its symbol, GOOG is added to the S&P 500 Index at the close of business on March 31.

Google said: "Proceeds from the offering will be used for general corporate purposes, including working capital and capital expenditures, and possible acquisitions of complementary businesses, technologies or other assets. Goldman, Sachs & Co. will act as the sole underwriter for the offering.

Google, which according to ComScore now holds a 42.3% share of the US search engine market - leading competition like Yahoo, MSN and Ask.com, came to terms with AOL yesterday, finalizing the acqusition of 5% of AOL.

From the Google AOL Entry into a Material Definitive Agreement Form Filing.

The Letter Agreement sets forth the general terms upon which Google would, in exchange for $1 billion in cash, acquire a 5% equity interest in AOL through an investment in a wholly owned subsidiary of Time Warner that will own all of the outstanding equity interests in AOL.

On March 24, 2006, the parties signed definitive agreements governing this $1 billion investment in AOL and Google expects that the investment will close in the second quarter of 2006.

Source: Search Engine Journal

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