America Online Inc is taking advantage of the hunger for its shares and has announced that it is offering about $500m worth of its common stock in a block trade off of its universal shelf registration statement for up to $1.0bn in securities that was filed June 18. The proceeds of the offering are to be used to beef up the company’s balance sheet provide it with more financial flexibility – possibly for further acquisitions. The offering isn’t expected to dilute earnings per share. AOL’s shares have more than doubled in value over the past three months. In after hours trading AOL was trading at $103.25, down from a close of $104.875, and a 52-week high of $108.375.
