| SAN FRANCISCO, April 24
SAN FRANCISCO, April 24 A recent acquisition
spurt by Facebook Inc may add about a week to the social
network's journey to public markets, a source familiar with the
situation said on Tuesday.
Facebook recently agreed to buy photo-sharing start-up
Instagram for about $1 billion and on Monday the company said it
would pay $550 million for hundreds of patents from Microsoft
The deals came weeks before Facebook was expected to enter
the final stages of what will likely be the largest Silicon
Valley initial public offering ever. The company has been aiming
for an IPO some time in May, with a roadshow typically taking
about two weeks before the stock market debut.
Facebook's recent acquisitions will likely add about a week
to the timetable because the company will have to discuss the
impact of these events with the Securities and Exchange
Commission, the source said.
The deals are likely not material, which means Facebook will
probably not have to answer SEC questions through a new
regulatory filing, which would have taken more time, the source
added. The person did not want to be identified because they are
not authorized to speak publicly about the IPO.
A spokesman for Facebook declined to comment.
An SEC spokeswoman declined to comment. The SEC's
Corporation Finance division is currently reviewing Facebook's
IPO filing and the regulator must declare the document effective
before Facebook may begin selling shares.
Facebook management was aiming to launch a roadshow as early
as May 7 and the start of trading late the week of May 14. But
now Facebook is more likely to start the roadshow May 14, or
even at the end of that month, CNBC reported earlier on Tuesday.
That would likely delay Facebook's stock market debut until
early or mid-June. That is because the Memorial Day holiday,
which is May 28, will likely mean that the stock market is less
liquid and less hospitable to a new issue like Facebook, CNBC