Ambit prices secondary offering

Acer sells down a 4.8% stake in the modem manufacturer.

Goldman Sachs priced a small $50 million secondary offering on behalf of Acer last night Monday. The 7.5 million unit deal reduced the group's ownership in Ambit Microsystems to 15.8% and was priced at a 3% discount to the stock's NT$121.5 close.

Observers said this was a smaller discount than a previous sale in January 2002, when Acer sold down roughly $56 million at a 4.8% discount. One DR equals two shares.

Books were said to have closed two times covered, with participation from a relatively large number of 50 investors, many of which were not previous holders of the stock. Geographically the book was said to have a...

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