Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Comverse Technology To Distribute Subsidiary's Shares To Shareholders

Comverse Technology Inc. or CTI (CMVT: Quote,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.

Click here to receive FREE breaking news email alerts for Comverse Technology Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
A ban on athletes using stamina-boosting gases - xenon and argon - came into effect on Monday. The World Anti-Doping Agency (WADA) said Hypoxia-Inducible Factor (HIF) activators Xenon and Argon have been added to the 2014 List of Prohibited Substances and Methods List following the required three-month notice period and UNESCO's communication to all States Parties. A recommendation to revise the British manufacturing growth eased further in August to its lowest level in 14 months as output and demand increased at slower rates, survey results from Markit Economics showed Monday. The Markit/CIPS Purchasing Managers' Index dropped to 52.5 from a revised 54.8 in July. Economists had expected the score to fall to 55.1 from July's original figure of 55.4. Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.