Xerox reports today that its board of directors has approved Xerox’s separation into two independent, publicly traded companies, and declared a pro rata dividend of the outstanding shares of Conduent common stock.
Xerox plans to split into two companies by the end of this year. One company will retain the Xerox name, and will be devoted to printers, copier/MFPs, and their related supplies and solutions, as well as document-outsourcing, while the other, Conduent, will be devoted to business-processing outsourcing (BPO). See our story here for more information on the split.
On the distribution date of December 31, 2016, Xerox shareholders will receive one share of Conduent common stock for every five shares of Xerox common stock they hold. No action or payment is required by Xerox shareholders to receive the shares of Conduent common stock or cash in lieu of fractional shares.
Fractional shares of Conduent common stock will not be distributed to Xerox shareholders. Instead, the fractional shares of Conduent common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in cash payments to the Xerox shareholders, who would otherwise receive a fractional share of Conduent common stock.
For more information, visit Xerox here.
- October 2016: Xerox Settles with Shareholder Seeking to Block Xerox Separation
- October 2016: Revenues Down, but Net Income up for Xerox’s Third Quarter
- October 2016: Xerox Rolls Out New Conduent Brand Logo as it Prepares for Split into Two Companies
- October 2016: Xerox’s BPO Group to Trade as Conduent on NY Stock Exchange Following Split
- August 2016: Xerox Reports Slight Revenue Decline for Second-Quarter Revenue, But Much Higher Net Income
- June 2016: Jeff Jacobson to Become CEO of Xerox Document Technology Company
- June 2016: Ashok Vemuri to be CEO of Xerox Business Process Outsourcing Company
- May 2016: Xerox Board Names Ursula Burns Chairman of New Document Technology Company
- April 2016: Profits, Earnings Down for Xerox’s First Quarter
- February 2016: Difficult Fourth Quarter for Xerox, But Surge in Entry-Level Color A4 MFP Sales
- January 2016: Xerox to Split into Two Companies, One Devoted to Printers, Copiers, Other to Business-Process Outsourcing