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KAR

KAR Auction

$58.95 /

+0.63 (+1.08%)

16:45
06/05/19
06/05
16:45
06/05/19
16:45

KAR Auction board approves IAA salvage auction business spin-off

KAR Auction Services announced that its board of directors formally approved the separation of its salvage auction business from KAR through a distribution of all of the outstanding shares of common stock of its wholly-owned subsidiary, IAA Spinco, to KAR stockholders on a pro rata basis. In connection with the approval, the board has set the distribution ratio, record date and distribution date for the spin-off. As a result, the following will occur: "It is with great pleasure that we announce this important step toward completing the separation of IAA from KAR Auction Services and launch the future of two companies," said Jim Hallett, chairman and chief executive officer of KAR. "Following the separation, KAR will concentrate its focus on its whole car auction marketplaces and technology solutions serving OEMs, captive financing companies, vehicle lending institutions, fleets, and franchise and independent car dealers." John Kett, IAA's chief executive officer, added, "I am very proud of our team as we reach this important milestone, which brings us one step closer to a successful launch of IAA as a standalone public company. As part of KAR, we have been a leading provider of auction solutions for total loss, damaged and low-value vehicles, and we look forward to building upon that legacy." As stated above, the Board approved a distribution of 100% of the outstanding shares of common stock of IAA to KAR's stockholders on a pro rata basis to be made on June 28, 2019 to KAR stockholders of record as of 5:00 p.m. EDT on June 18, 2019. The distribution will be effective at 12:01 a.m. EDT on the distribution date. Each KAR stockholder of record will receive one share of IAA common stock for every one share of KAR common stock held by such stockholder as of the record date. No fractional shares of IAA's common stock will be distributed. Fractional shares of IAA's common stock will be aggregated and sold in the public market, and the aggregate net cash proceeds of these sales will be distributed pro rata to KAR stockholders who would otherwise have been entitled to receive fractional shares of IAA's common stock.

  • 13

    Nov

KAR KAR Auction
$58.95 /

+0.63 (+1.08%)

02/21/19 Spin-Off Research
KAR Auction upgraded to Buy from Hold at Spin-Off Research
01/07/19 SunTrust
KAR Auction price target lowered to $65 from $70 at SunTrust
09/21/18
Fly Intel: Today's top analyst calls on Wall Street
09/21/18 JPMorgan
Copart downgraded to Underweight from Neutral at JPMorgan

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