00:00It's Benzinga bringing Wall Street to Main Street
00:02Cisco shares fell in extended trading Monday after the company announced plans to offer
00:06$1 billion of common stock. According to Benzinga, the food-away-from-home distributor will also
00:12give underwriters a 30-day option to purchase up to an additional $150 million of shares.
00:17Cisco plans to use the net proceeds to finance part of its pending acquisition of Jetro Restaurant
00:22Depot. The company announced the deal in March. Under the agreement, Jetro Restaurant Depot
00:26shareholders will receive $21.6 billion in cash and 91.5 million Cisco shares. Cisco had
00:34$1.8 billion in cash and $4.8 billion of total liquidity as of June 27th. Shares were down
00:403.7% to $80.45 in after-hours trading Monday, according to Benzinga Pro.
00:46For all things money, visit Benzinga.com.
Comments