Avago secondary offering of 14.9 million shares priced at $20.40 per share

Avago secondary offering priced at $20.40 a share

SAN JOSE, Calif. — Semiconductor maker Avago Technologies Ltd. said a secondary offering of 14.9 million shares has been priced at $20.40 per share.

The company said all of the shares are being sold by existing shareholders and it will not receive any proceeds other than proceeds from options exercised by certain shareholders in connection with the offering.

Underwriters have a 30-day option to purchase up to another 2.24 million shares from selling shareholders to cover any over-allotments in the offering.

Shares of the San Jose company were down 16 cents at $20.25 Friday.