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AIG's $9 Billion Share Sale Gets the Green Light
Published:
Tuesday, 10 May 2011 | 9:54 PM ET
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By: Kate Kelly
CNBC Reporter
CNBC Reporter
In a meeting late Tuesday, AIG's board opted to move forward with its planned secondary offering, according to someone familiar with the matter.
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Getty Images |
As part of the deal, the Treasury, which owns more than 1.6 billion AIG [AIG
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] shares — the vast majority of its stock — intends to sell 200 million shares, plus possibly a greenshoe option, this person added. That would represent about 15 percent of Treasury's stake in the insurer.
In addition, AIG will sell 100 million shares, to make a total of 300 million shares. At market price that would make the offering worth $9 billion.
© 2012 CNBC.com
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