Overstock.com Inc., the online retailer of excess merchandise, intends to offer more than 1 million shares of common stock, with plans to use the net proceeds for working capital and possible acquisition of technology or businesses, it said today. The company’s stock traded at about $57 today, down 5% from $60.20 at yesterday’s market close.
The offering will be managed by Lehman Brothers Inc. Piper Jaffray & Co., Legg Mason Wood Walker Inc. and W.R. Hambrecht & Co. LLC will serve as co-managers.
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