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Article: Servico announces pricing of 10 million shares of common stock.
- Article from:
- Business Wire
- Article date:
- June 25, 1997
CopyrightCOPYRIGHT 1997 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 25, 1997--Servico, Inc. (NYSE: SER), a nationwide owner and operator of hotels, today announced the effectiveness of its public offering of shares of common stock at a price of $14.50 per share with net proceeds from the sale of 10 million shares of approximately $136 million. The offering was lead-managed by Lehman Brothers with Alex. Brown & Sons Incorporated, Montgomery Securities and Raymond James & Associates, Inc. as co-managers. The underwriters have an over-allotment option to acquire up to an additional 1.5 million shares.
"We are extremely pleased with the positive response to the offering by the ...