logo
Share SHARE
FONT-SIZE Plus   Neg

Comverse Technology To Distribute Subsidiary's Shares To Shareholders

Comverse Technology Inc. or CTI (CMVT,CMVT.PK) Wednesday announced its plans to distribute all the shares of its wholly-owned subsidiary, Comverse, Inc., to its shareholders on a pro rata basis.

CTI is currently exploring the most efficient method of distribution and expects the distribution to occur in the second half of fiscal 2012. The company is also exploring alternatives to eliminate its holding company structure.

The distribution is subject to number of conditions including approval of CTI shareholders. After completion of the proposed distribution and prior to effect of any transaction that would eliminate the CTI holding company structure, current CTI shareholders would continue to hold their equity in CTI as well as own 100 percent of the equity of Comverse.

Tuesday, Comverse shares closed at $6.55 on the Nasdaq.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed... Popular photo sharing network Instagram is adding a new translation button on its pages, so that the global crowd can read and enjoy the captions and comments given for the photographs uploaded. The new update will be available from next month onward.
comments powered by Disqus
Follow RTT