According to Bloomberg shareholders of Facebook Inc., the social-networking site preparing an initial public offering, are facing a three-day suspension of trading on secondary markets this week, people with knowledge of the matter said. While buy and sell orders can be made, transactions won’t be processed by Facebook’s attorneys at Fenwick & West LLC from today until Jan. 27, said the people, who declined to be named because details on secondary transactions are kept private. The halt pertains to trading of Facebook shares only, one of the people said.
Facebook, the world’s largest social network, is considering raising about $10 billion in an IPO that would value the company at more than $100 billion, a person with knowledge of the situation said in November. Private companies sometimes halt trading to ascertain how many shareholders they have, said Barry Silbert, chief executive officer of SecondMarket Inc., an exchange where Facebook shares are traded.
Speaking at the World Economic Forum in Davos, Switzerland, he declined to comment on Facebook in particular...
http://www.bloomberg.com/news/2012-01-25/facebook-trading-is-said-to-be-halted-for-three-days-on-secondary-markets.html
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