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West Founders' Stock Sale Gets Slashed in Half

Posted on: Friday, 14 October 2005, 21:00 CDT

By Virgil Larson, Omaha World-Herald, Neb.

Oct. 14--Gary and Mary West's planned sale of up to 10 million shares of stock in West Corp., the Omaha company the couple founded, was cut to 5 million shares by the time the stock went to market.

The sale was announced last month as being 8.7 million shares, with underwriters having the option of buying 1.3 million additional shares.

The offering was cut to 5 million shares because the "market was softer than anticipated," West Corp. spokesman Dave Pleiss said Thursday. The sale closed this week. The shares went for $35 each, less an underwriter's discount of $1.40 a share, giving the Wests a $168 million sale, according to Securities and Exchange Commission filings.

West Corp. stock closed at $36.11 Thursday, 15 cents lower than Wednesday. The Wests still own 40.5 million shares.

West is a teleservices company that in recent years has branched into electronic conferencing and debt collection services.

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WSTC,

Source: Omaha World-Herald

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