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NYSE pitches listing to Facebook after IPO mess: source
Started:May 23rd, 2012 (05:26 PM) by kbit Views / Replies:212 / 0
Last Reply:May 23rd, 2012 (05:26 PM) Attachments:0

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NYSE pitches listing to Facebook after IPO mess: source

Old May 23rd, 2012, 05:26 PM   #1 (permalink)
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NYSE pitches listing to Facebook after IPO mess: source

SAN FRANCISCO (Reuters) - Facebook (FB.O) is considering a stock-listing proposal put forward by the New York Stock Exchange, a source familiar with the situation told Reuters, in the wake of a disappointing initial public offering last week on the rival Nasdaq (NSQ:NDAQ - News) bourse.

Facebook has exchanged phone calls and emails with NYSE Euronext (NYS:NYX - News) and are considering their pitch, the source said without elaborating on specifics.

Bloomberg cited a source as saying the proposal involved Facebook switching its listing from the Nasdaq. But NYSE Euronext said it had held no such discussions with the company.

"There have been no discussions with Facebook regarding switching their listing in light of the events of the last week, nor do we think a discussion along those lines would be appropriate at this time," the U.S. exchange said in a statement.

Facebook and the banks that took it public, including Morgan Stanley (NYS:MS - News), face questions over a $16 billion IPO that culminated in a Nasdaq debut plagued by technical glitches. The debut, on May 18, was pushed back half an hour and later led to delays in order confirmations, frustrating traders.

Facebook's shares have fallen more than 15 percent from their $38 IPO price to a close of $32 on Wednesday.

Tensions have arisen between Facebook and the Nasdaq - the preferred home for most technology companies - since the troubled Friday opening.

Analysts say the NYSE could take advantage of the botched coming-out party as it battles the tech-laden Nasdaq for high-profile IPOs.

On Wednesday, shareholders filed a lawsuit against the No. 1 social network and its lead adviser, accusing them of hiding the company's weakened growth forecasts ahead of the IPO, which rivals General Motors (NYS:GM - News) as the second-largest U.S. debut.

A Facebook spokesman declined to comment. Nasdaq representatives were not immediately available.

NYSE pitches listing to Facebook after IPO mess: source - Yahoo! Finance

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