PURCHASE, N.Y. - (02/17/06) -- MasterCard International announcedThursday it will delay its initial public offering until at leastthe second quarter while its CEO Robert Selander recovers fromprostate cancer. In a letter to shareholders this week, Selandersaid he underwent successful surgery this week and is recovering athome but would not be up to the demands of the IPO, including the'road show' to sell stock to institutional investors. The secondlargest cards company, behind Visa USA, plans to raise up to $2.5billion with the sale of a 49% share in the company, which iscurrently owned by 1,400 participating banks and creditunions.
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