Xerox Board Approves Split into Two Companies

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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.

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