- Associated Press - Tuesday, August 10, 2010

SAN JOSE, CALIF. (AP) - Avago Technologies Ltd. on Tuesday said it plans to sell 24.8 million shares in a secondary offering.

All of the shares are being sold by existing stockholders, the chipmaker said.

The underwriters will have a 30-day option to purchase up to 3.7 million more shares from existing holders to cover overallotments, if any.

Avago will not receive any proceeds from this offering, other than proceeds from options exercised by certain shareholders in connection with it.

Deutsche Bank Securities, Barclays Capital, Morgan Stanley and Citi are the joint book-running managers of the offering.

Separately, Avago narrowed its guidance for fiscal third-quarter revenue, but kept the target above Wall Street estimates.

Avago shares slid 80 cents, or 3.6 percent, to $21.50 in aftermarket trading, from their close in the regular session at $22.30.

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