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Article: Watson Wyatt plans an IPO ;A first among benefit advisers.(Brief Article)
- Article from:
- Business Insurance
- Article date:
- November 29, 1999
- Author:
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. 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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BETHESDA, Md. -- Benefit and actuarial consultant Watson Wyatt & Co. plans an initial public stock offering for early next year, the first ever launched by a major benefit consultant.
In a brief statement, the Bethesda, Md.-based consultant said its board of directors has approved offering about 25% of its shares; company shares currently are almost entirely owned by active employees. The IPO is expected to involve the sale of shares by Watson Wyatt and shareholders, resulting in continued ownership by employees of about 75% of its total shares.
More than 16 million shares, now valued at $6.68 per share, are currently outstanding. It is expected that ...