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Facebook Inc announces proposed follow-on offering


Thursday, 19 Dec 2013 06:17am EST 

Facebook Inc:Says it is commencing an underwritten registered public offering of 70,000,000 shares of its Class A common stock.Says a total of 27,004,761 shares are being offered by Facebook, and a total of 42,995,239 shares are being offered by certain selling stockholders, including 41,350,000 shares offered by Mark Zuckerberg.Says it intends to use the net proceeds of the offering for working capital and other general corporate purposes.Says it will not receive any proceeds from the sale of shares by the selling stockholders.Says it expects that the majority of the net proceeds Zuckerberg will receive upon the sale of shares in the offering will be used to satisfy taxes that he will incur in connection with his exercise, in full, of an outstanding stock option to purchase 60,000,000 shares of Class B common stock.Says J.P. Morgan, BofA Merrill Lynch, Morgan Stanley and Barclays are serving as joint bookrunners for the offering.Says BNP Paribas, Citigroup, RBC Capital Markets, Credit Suisse, HSBC, Standard Chartered and Piper Jaffray are serving as co-managers for the offering.