ibm-offloads-77-million-of-lenovo-shares

IBM offloads $77 million of Lenovo shares

The latest sell-down by the global IT company brings its holding below the disclosure threshold.
July 21, 2008
For the fifth time in 18 months, International Business Machines IBM last night reduced its stake in Chinese computer manufacturer Lenovo Group. IBM sold 116.19 million shares, raising a total of HK$603.03 million $77 million.

The deal represents 1.3% of the company and reduces IBM's share in Lenovo to 4.7% from 5.96%. This is significant because IBM is now under the 5% ownership threshold, which means it no longer needs to disclose its future sales of stock in the company.

Also, IBM no longer faces a lock-up, leaving the company free to sell its Lenovo shares as it pleases, though a source said that it had no near-term plans to sell more...
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