Investment management firm BlackRock, Inc. announced on November 3, 2010 the commencement of a secondary offering of 42 million shares of its common stock.
On November 3, 2010, investment management firm BlackRock, Inc. (NYSE:BLK) announced the commencement of a secondary offering of 42 million shares of its common stock. Bank of America will offer the majority of the shares, 34.5 million, while The PNC Financial Services Group, Inc. will offer up to 7.5 million shares. Bank of America also expects to grant the underwriters a 30-day option to purchase an additional 6.3 million BlackRock shares to cover any over-allotments. BlackRock will not receive any of the proceeds from the sale of its shares.
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