Domain name registry Network Solutions Inc has filed with the Securities and Exchange Commission for an offering of 4.58 million shares of common stock currently held by Science Applications International Corp (SAIC) and other selling stockholders which will see SAIC’s controlling interest in NSI disappear. SAIC, the San Diego-based engineering firm and systems integrator, intends to sell 4.5 million of the shares and has granted the underwriters an over-allotment option to purchase an additional 687,000 shares currently held by the company. The deal will reduce SAIC’s stake in NSI to roughly 45%, down from its current level of about 75%. NSI will not receive any proceeds from the offering. JP Morgan & Co and Hambrecht & Quist are acting as joint-lead managers for the offering, with PaineWebber Inc and BancBoston Robertson Stephens also on board as co- managers. Separately, NSI has announced that its board of directors has approved a two-for-one stock split, effective on March 23, which will increase the number of shares of outstanding common stock to 32.97 million. After news of the stock split, NSI shares surged $24.125, or more than 18%, to close at $155 Monday.
