Google drops Merrill Lynch
22 June 2004
Google have dropped Merrill Lynch from the group of bankers overseeing its pending Initial Public Offering (IPO).
The move was revealed in an updated prospectus filed by the Internet search engine yesterday.
Although there is dispute as to who withdrew from who, AP reports that Merrill Lynch pulled out of the deal because fees were too low.
The search provider is offering shares through an auction rather than a traditional IPO leaving smaller fees for the bankers.
Bankers involved in the stock sale were warned early on by Google that they would be dropped from the underwriting group if they leaked any information about the transaction.
Government action against Google's email service will hit future profits the company also warned and in the prospectus it strengthens warnings that share prices may fall.
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