GSI: Stock offering expected from former shareholders of recent acquisition
GSI Commerce (Nasdaq: GSIC), a provider of e-commerce and digital-marketing services to retailers and manufacturers, said former shareholders of Retail Convergence are going to sell a little more than 2.1 million shares of its stock in a registered underwritten offering.
GSI bought Retail Convergence last month for $180 million in cash and stock at closing and up to $170 million more, depending on how Retail Convergence’s web sites do under GSI’s ownership.
The offering is expected to occur by Dec. 11. GSI said it wouldn’t receive any money from the offering, and the number of shares it has outstanding won’t change.
The former Retail Convergence shareholders have already sold 1 million shares of GSI stock to a private equity fund.
--Compiled by Wendy Geister
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