VeraSun Energy Suspends Equity Offering Of Shares, Retains Morgan Stanley For Advice (VSE)

Posted by Tate Dwinnell | # |
07:23:55 am on September 19, 2008

VeraSun Energy, the troubled ethanol producer, began a public offering of 20,000,000 million shares of its common stock two days ago. It also announced larger-than-expected third quarter losses on Wednesday and saw the price of its shares drop precipitously as a result. Now, the company has announced that it is suspending that equity offer, and it has retained the firm Morgan Stanley to act as advisors and help the firm evaluate alternate courses of action. According to the company’s press release, the change in course was sought "In light of strategic interest expressed by multiple parties during its current equity offering."

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