TECHNOLOGY & TELECOMMUNICATIONS

Pac Tel Boosts Planned Spinoff Offering: Encouraged by investors’ interest in the proposed spinoff of its wireless operations, Pacific Telesis Corp. will offer more shares in the new venture at a potentially higher price. At a maximum value of $1.58 billion, the offering would be the third-largest initial public offering ever. The company, a subsidiary of Pacific Telesis Group, plans to offer 60 million shares at a proposed $21 to $23 each. Previously, the company had said it would offer 50 million shares, capped at $21. The company said it will set aside an additional 8.5 million shares, rather than an initial 7.5 million, in case the offering is oversubscribed. Pacific Telesis would continue to hold at least 80% of the wireless operation until the spinoff is completed. It would then distribute its stock to 900,000 Pacific Telesis shareholders on a 1-for-1 basis. It also said outside directors of the new corporation would include Donald G. Fisher, chief executive of Gap Inc.; Arthur Rock, a venture capitalist; Charles Schwab, founder of the brokerage firm, and George Shultz, former secretary of state.