The upcoming secondary offering by Given Imaging (Nasdaq:GIVN) (GIVN) was apparently decided upon despite strenuous objections from company management, TheMarker has learned. Given Imaging held its initial public offering in October of last year, the first company to go public on post-Sept 11 Wall Street.

Last night the company announced plans for a secondary offering, confirming earlier reports in TheMarker. Given announced it would offer 3.2 million shares, while its shareholders will sell another 3 million shares in a parallel sale offer. About half of the offer by shareholders will come from Discount Investments and its subsidiaries.

The dispute between company management and its shareholders apparently stems from management's belief that the company, expected to reach profitability in about one year, does not need additional capital, particularly in light of the company's $61 million kitty.

Discount Investments is starving for cash due to cable company Tevel's ongoing losses and pressure from the IDB Group's new shareholders ¿ Leon Recanati and Kardan ¿ who are anxious to repay the loans with which they financed their takeover bid.

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Discount Investments spokesperson declined comment on the reports as a prospectus has been filed for the secondary offering, mandating a quiet period.