Track the companies that matter to you. It's FREE! Click one of these fan favorites to get started: Apple; Google; Ford.



FTD Spinoff From United Online Set for Nov. 1

Internet-based consumer products and services provider United Online (UNKNOWN: UNTD.DL  ) announced today that the SEC declared the registration statement of floral delivery service FTD Companies' Form 10 effective, meaning FTD is now subject to the information and reporting requirements of the Securities Exchange Act of 1934, and will file periodic reports, proxy statements, and other required information with the SEC.

United is spinning off FTD in a tax-free distribution to shareholders on Nov. 1 at 12:01 a.m. ET to holders of record as of the close of business on Oct. 10. Under the terms of the separation previously announced, for every five shares of United Online stock that's held on the record date of the spinoff, the shareholder will receive one share of FTD's common stock. 

United will also implement a 1-for-7 reverse stock split of shares of its own common stock immediately before the spinoff of FTD. It will become effective at 11:59 p.m. ET on Oct. 31. It previously offered the example that for every 35 shares of United Online common stock owned, the shareholder would hold seven shares of FTD stock and five shares of United Online stock immediately after the spinoff and reverse stock split are completed.

FTD does not expect to pay any cash dividends, but United Online anticipates paying a dividend of $0.15 per share in the fourth quarter of 2013, adjusted for the 1-for-7 reverse split. The board has also extended the company's previously approved $80 million stock-repurchase program through Dec. 31, 2014.

Following the spinoff, FTD will trade on the Nasdaq exchange under the symbol "FTD."

Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2664486, ~/Articles/ArticleHandler.aspx, 9/29/2016 8:19:18 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,143.45 -195.79 -1.07%
S&P 500 2,151.13 -20.24 -0.93%
NASD 5,269.15 -49.39 -0.93%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

12/31/1969 7:00 PM
UNTD.DL $0.00 Down +0.00 +0.00%
United Online CAPS Rating: No stars