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KPMG Consulting IPO Lowered to 354.6 Million Shares WASHINGTON, D.C., Dec. 22, 2000 (SmartPros) KPMG Consulting has lowered its initial public offering from 367,114,685 shares to 354,600,000 shares, according to a recent filing with the Securities and Exchange Commission. According to the filing, KPMG Consulting Inc. is offering 60,958,581 shares of common stock. The parent company, KPMG LLP, is offering 293,641,419 shares. The initial public offering price will remain between $6.75 and $8.75 per share. Immediately following the offering, KPMG LLP, the non-U.S. KPMG International member firms and their respective partners will collectively own no more than 19.9 percent of KPMG Consulting common stock, according to the filing. KPMG Consulting, based in McLean, Va., said it expects to use about $215.4 million of its proceeds from this offering to repurchase from Cisco Systems Inc. that portion of Series A preferred stock that will not be converted into shares of KPMG Consulting's common stock. KPMG Consulting has applied to list the common stock on the Nasdaq Stock Market under the symbol KCIN. Morgan Stanley Dean Witter is managing the offering. In September, KPMG Consulting announced that it increased its initial public offering from some 324 million shares to 367,114,685. Send comments to information@smartpros.com. 2000, Smartpros Ltd. All Rights Reserved. |
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