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Xerox received approvals for reorganisation

Xerox received approvals for reorganisation

July 26, 2019

The OEM announced that it has received all required regulatory approvals for its proposed holding company reorganisation.

As previously announced, the board of directors of Xerox unanimously approved the holding company reorganisation and Xerox shareholders adopted the merger agreement pursuant to which Xerox expected to implement the holding company reorganisation at Xerox’s annual shareholders meeting on 21 May 2019.

The transaction is expected to close on 31 July 2019.

In the holding company reorganisation, existing shares of Xerox common stock will be automatically converted, on a one-for-one basis, into shares of common stock of Xerox Holdings Corporation, the new holding company.

Shareholders of Xerox do not need to return stock certificates or otherwise take any action to exchange their shares of Xerox common stock. Xerox expects the common stock of Xerox Holdings Corporation to trade on the New York Stock Exchange under Xerox’s current trading symbol, “XRX,” at the opening of trading on 1 August 2019. The common stock of Xerox Holdings Corporation has been assigned a new CUSIP Number: 98421M 106.

The management and business of Xerox will remain the same immediately following the holding company reorganization.

Xerox added that due to the anticipated timing for completion of the holding company reorganisation, the common stock quarterly dividend usually declared by the Xerox board of directors in July is expected to be declared by the Xerox Holdings Corporation board of directors in August.

Consistent with the Company’s normal practice, it is expected that the common stock quarterly dividend will still be payable on 31 October 2019 to shareholders of record on 30 September 2019.   

Categories : City News

Tags : Business Reorganisation Xerox

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