Shares Fall as Prudential Prices Offering

On Monday, Prudential Financial(PRU Quote)turned its back on government bailout money, announcing that it would go it alone and use a public offering to raise the funds needed to shore up its financial position.

This morning, Prudential followed through.

The Newark-based financial services and insurance shop priced its stock offering at $39 per share. With a little more than 32 million shares being put in play, Prudential expects about $1.2 billion in net proceeds. Underwriters also have a 30-day option for an additional 4.8 million shares. The offering is expected to close on June 8. ...