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Lazard to Sell Stock

Some Lazard (LAZ) executives are looking to cash out.

The merger-and-acquisition specialist firm filed a registration statement Tuesday outlining a plan to sell 12 million shares. Half of the shares in the offering are owned by executives and key employees at Lazard.

But Bruce Wasserstein, Lazard's chairman and CEO, is not selling any shares in the offering. The only director selling stock is Vernon Jordan, Jr.

The only proceeds the investment firm will receive from the offering will come from the 6 million shares that Lazard itself is selling. The 12 million-share offering will double the number of shares of Lazard that are available for trading. Overall, Lazard has 37 million shares outstanding.

The underwriters are Goldman Sachs (GS) and Lazard, which have the option to sell an additional 1.8 million shares.

The stock closed Monday at $45.79

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