Terms of Split Approved by Xerox

Xerox’s board of directors has approved the terms of the company’s split with 100% of the outstanding shares of Conduent to be distributed to its shareholders.

According to Xerox, the record date for distribution will be December 15, 2016, and the distribution date is to be December 31, 2016. The OEM says every five shares of Xerox common stock will entitle the shareholders to one share of Conduent common stock. The detailed information statement will be available to the firm’s shareholders prior to the distribution date.

The company plans to complete the separation into Xerox and Conduent by the end of 2016. Conduent, the business process outsourcing company, will trade under the symbol CNDT while Xerox stays with XRX.

In October, a large shareholder in Xerox sued the firm for stripping his right to receive a convertible stock in Conduent. As the largest individual investor, Darwin Deason owns 6.1% of preferred convertible stock in Xerox. Deason complained all his shares would be held in the legacy copier and printer business instead of Conduent Inc. Xerox replied in a statement saying Deason’s lawsuit was meritless and it would seek dismissal.

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