💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

RBS dropped as Nielsen IPO underwriter - Bloomberg

Published 01/19/2011, 10:34 PM
Updated 01/19/2011, 10:36 PM
GC
-

NEW YORK, Jan 19 (Reuters) - RBS Securities was removed from the underwriting group for Nielsen Holdings BV's planned $1.6 billion initial public offering after unauthorized communications on the stock sale were sent out, Bloomberg reported on Wednesday.

According to the news agency, Nielsen, a television audience-rating company owned by KKR & Co. and five other private-equity firms, said an employee at the overseas unit of a "previously named proposed underwriter" for the IPO distributed an unauthorized e-mail to potential institutional investors.

Nielsen, which didn't name the employee or the underwriter, omitted RBS from the list of underwriters in an amended registration statement filed with the U.S. Securities and Exchange Commission, Bloomberg said.

Under U.S. securities laws, companies that market their stock to investors before the disclosure documents have been cleared by the SEC can be forced to delay the sale or buy back the shares should they decline in value later.

Bloomberg said Nielsen spokesman Ed Dandridge and Michael Geller, a spokesman for RBS, both said they had no immediate comment. RBS is a unit of Royal Bank of Scotland Plc .

A spokesperson for RBS in Britain declined to comment and there was no immediate comment from Nielsen in New York when contacted by Reuters.

The managers for the sale include JPMorgan Chase & Co. , Morgan Stanley and Goldman Sachs Group Inc .

Nielsen has said it would seek to sell 71.4 million shares for $20 to $22 each, raising as much as $1.57 billion. The market-research firm first filed for the IPO in June. (Reporting by Steve James; Editing by Dhara Ranasinghe)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.