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Agere Systems, the optical components unit of Lucent Technologies, will revise the terms of its initial public offering for the third time, chief underwriter Morgan Stanley said Monday.
The revised terms should be announced Wednesday, if the Securities and Exchange Commission approves, and the deal will price “as early as Thursday,” a Morgan Stanley spokeswoman said. However, a source close to the deal told Reuters that the offering is more likely to come to market Monday.
The underwriter would not comment on whether the price will be cut from a range of $12 to $14 a share, with 500 million shares to be offered. But Morgan Stanley has come under pressure to lower the price range amid the ongoing slump in technology issues and the resulting drought in the IPO market.
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