CBS Outdoor announces pricing of IPO
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31 Mar 2014
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CBS Outdoor Americas Inc., the outdoor advertising subsidiary of CBS Corporation, last week announced the pricing of its initial public offering (IPO) of 20 million shares of its common stock at a price to the public of USD 28 per share. The shares are expected to begin trading March 28, 2014, on the New York Stock Exchange under the ticker symbol CBSO. The offering is expected to close on or about April 2, 2014, subject to customary closing conditions. In addition, CBS Outdoor has granted underwriters a 30-day option to purchase an additional three million shares at the initial public offering price, less underwriting discounts and commissions. At closing, CBS Corporation will own approximately 83 per cent of CBS Outdoor (or approximately 81 per cent of the outstanding stock if underwriters exercise their option to purchase additional shares in full). CBS plans to divest its shares through a tax-free split-off later this year. After CBS is fully divested, CBS Outdoor plans to convert into a real estate investment trust (REIT). CBS Outdoor plans to use the net proceeds as partial consideration to CBS for the contribution of the outdoor business entities as well as the cash portion of the distribution to shareholders required in connection with the conversion to a REIT. Goldman, Sachs & Co., BofA Merrill Lynch, J.P. Morgan, and Morgan Stanley are acting as joint book-running managers, and Citigroup, Deutsche Bank Securities, and Wells Fargo Securities are acting as book runners. |
| Source: Dion Global Type: IPO Related |
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