Korn/Ferry International Files With SEC To Sell 3 Million Insider Shares

Executive search firm Korn/Ferry International/(NASDAQ:KFY) has registered an offering with the Securities and Exchange Commission to sell 3 million shares to the public. The offering, comprised of shares currently held by insiders, is being sold through Morgan Stanley Dean Witter as the lead underwriter with Paine Webber Inc. as secondary. Based on the calculation of the registration fee, if 3,450,000 shares are sold at a price of $34.50 each, the total amount of the offering would be $119,025,000. However, whatever the price, Korn/Ferry International will not receive any proceeds from the sales of common stock. The offering is being done to provide greater liquidity of the stock to existing shareholder; provide an orderly entry of shares into the market; increase the firm's public float and to create a broader ownership of the common stock. The timing of offering is uncertain. "It will be driven by market conditions," says Don Spetner, senior vice president of global marketing and communications.