Reuters: Technology News: Facebook halts secondary market trading before IPO

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Facebook halts secondary market trading before IPO Mar 28th 2012, 19:15 Tweet Share this Email Print Related News Exclusive: Blackstone, Bain prepare Michaels Stores IPO Mon, Mar 26 2012 Facebook: Evidence shows New York man's lawsuit is fraud Mon, Mar 26 2012 BATS exchange withdraws IPO after stumbles Sat, Mar 24 2012 Zynga buys OMGPOP games company for $200 million: source Wed, Mar 21 2012 Facebook underwriters to get 1.1 percent fee: source Tue, Mar 20 2012 Analysis & Opinion Botched BATS IPO at least good test of markets What’s Facebook really worth? An illustration picture shows the log-on screen for the website Facebook, in Munich February 2, 2012. Credit: Reuters/Michael Dalder SAN FRANCISCO | Wed Mar 28, 2012 3:04pm EDT SAN FRANCISCO (Reuters) - Social-networking site Facebook is halting the sale of its shares on secondary markets effective next week, aiming to reduce churn in its valuation which could complicate matters as it sets an IPO price, a person familiar with the situation said on Wednesday. The company, which is preparing for what could be Silicon Valley's largest initial public offering, has asked firms that arrange trading of its privately held shares to stop, the person said. Earlier this week, one of the firms that arranges trading in Facebook shares, SharesPost Financial, told investors it was moving up the closing date for its Facebook auction to March 30 from April 2. Facebook filed its paperwork to go public in early February. Its IPO, expected to value the company at around $100 billion, is expected in coming months. A Facebook spokesman declined to comment. Representatives at SharesPost and SecondMarket, another firm that arranges trading in private shares, didn't immediately respond to requests for comment. Bloomberg reported the news earlier Wednesday. (Reporting By Sarah McBride; Editing by Bernard Orr) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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