Financial Services Industry
Industry: Email Alert RSS FeedEquitable's DLJ offering wins analysts' kudos.(Donaldson, Lufkin & Jenrette)
National Underwriter Life & Health-Financial Services Edition, September, 1995 by West, Diane
Approximately 20% of the common stock of Donaldson, Lufkin & Jenrette (DLJ) will be sold off by corporate parent Equitable Cos in a public offering that is expected to raise about $250 million. The 9.2 million shares of stock will have a striking price of $27 per share, according to Equitable's filing with the SEC. Equitable believes that the public flotation will unlock value from DLJ's balance sheet and give DLJ's senior management incentives to boost performance.
Equitable Cos. realized its long-awaited plans to offer a piece of its Donaldson, Lufkin & Jenrette subsidiary to the public, announcing its intention to sell 9.2 million shares or approximately 20 percent of DLJ's common stock.
Analysts generally greeted the decision as a positive action.
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