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
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT