GSI Commerce's stock offering fetches $87.9 million
GSI Commerce (Nasdaq: GSIC), an operator of retail websites, said its common stock offering generated net proceeds of $87.9 million, which it plans to use for working capital and general corporate purposes, including possible acquisitions.
The company sold 5.44 million common shares, which includes 1.78 million shares bought by the underwriters in overallotments to cover additional demand.
An additional 8.2 million common shares were sold by shareholders, including Softbank Capital Partners and its affiliates. GSI will not get proceeds from the sale of these shares.
The $87.9 million in proceeds to GSI includes the underwriting discount and offering expenses. The offering was priced at $17 per share.
Bank of American Merrill Lynch and UBS Investment Bank are joint bookrunning managers for the offering. Co-managers are Morgan Stanley, Janney Montgomery Scott and Thomas Weisel Partners LLC.
Foot Locker declares quarterly dividend
The board of directors for Foot Locker (NYSE: FL) declared a quarterly cash dividend on the company's common stock of $0.15 per share. It's payable on Oct. 30 to shareholders of record on Oct. 16.
--Compiled by Wendy Geister
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