The roughly $100 million common share offering for Digital United Holdings was finally pulled on Monday after failing to build a big enough order book within the company's original indicative price range.
Led by Donaldson, Lufkin Jenrette DLJ, with Salomon Smith Barney as joint-lead and UBS Warburg as co-manager, the deal was to have comprised 10 million common shares with a 1.5 million greenshoe. An indicative price range had been set at $9 to $11, equating to a revenue multiple of 6.5 to 7 times projected 2001 revenues.
Bankers say that since the company is not in any immediate need of funds, it has decided to postpone the deal...
