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.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
