NEW YORK -- Chase Manhattan Corp. said it expanded the size of its commong stock offering by 3.3 million shares, to 25.3 million.
The expanded offering, in which underwriters led by Goldman, Sachs & Co. elected to exercise their full overallotment options, lifted proceeds to $746 million - close to Chase's goal of raising $750 million, though at the cost of further dilution.
The bank needed to increase the offering to make up for the roughly 20% drop in its stock price since it filed for the issue. It was priced on June 10 at $29.50 a share, below the $32.61 book value at March 31. The market price was up to $29.875 on Monday afternoon.
