KPMG #1.8bn US share bid.
KPMG Consulting is to issue shares in the USA in a bid to raise #1.8bn for investment and expansion. A filing with the Securities and Exchange Commission reveals the firm is hoping to sell more than 300m shares priced between #4.50 and #5.80 which should produce a value for the organisation of around of #3.4bn. KPMG has yet to make any public statement about the share issue but details from the SEC reveal partners will retain only 20% of the firm. Proceeds from the shares could be used to pay off existing debts, provide working capital and fund expansion by acquisition.