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Why Did Merrill Exit The Google IPO?
06.22.04, 9:07 AM ET

Prudential Equity Group said it believes that media reports which suggest that Merill Lynch (nyse: MER - news - people ) opted out of the syndicate of banks underwriting the upcoming Google initial public offering because the deal would not have been profitable enough probably are correct. Prudential noted that Merrill Lynch's name was absent from Google's revised IPO filing. "We disagree that Google's likely 3% fee is the culprit," Prudential said. "Contrary to media descriptions of 'a meager 3%,' this is in fact in line with the larger and most well-received IPOs...

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