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Stock Market & Financial Investment News

News Breaks
June 10, 2014
16:13 EDTVRTV, IPInternational Paper announces details for spin-off of xpedx
International Paper (IP) announced the timing and additional details regarding the spinoff of its distribution solutions business, xpedx. As previously announced, immediately following the spinoff of the xpedx business to International Paper shareholders, UWW Holdings, the parent company of Unisource Worldwide, will merge with and into the xpedx business to form a new, publicly-traded company, Veritiv Corporation (VRTV), to be listed on the New York Stock Exchange. Immediately after the spinoff and the merger, Veritiv will own and operate the combined distribution solutions businesses of xpedx and Unisource. The International Paper board of directors has declared a pro rata distribution to International Paper shareholders of 8,160,000 shares of Veritiv common stock, representing all the shares of common stock of Veritiv outstanding prior to the merger. Each holder of shares of International Paper common stock outstanding as of 5:00 pm New York City time on June 20, the record date set by International Paper's board of directors, will be entitled to receive a number of shares of Veritiv common stock on the distribution date, July 1. Based on the number of International Paper shares currently outstanding, the distribution ratio is expected to be approximately 0.0188 shares of Veritiv common stock for each share of International Paper common stock. Veritiv common stock is expected to begin trading on a "when-issued" basis on the NYSE under the symbol "VRTV WI" beginning on June 18. On July 2, "regular way" trading under the symbol "VRTV" is expected to begin.
News For IP;VRTV From The Last 14 Days
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November 25, 2014
07:42 EDTVRTVVeritiv initiated with a Neutral at SunTrust
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November 20, 2014
05:31 EDTIPInternational Paper initiated with a Market Perform at Wells Fargo
November 13, 2014
08:04 EDTVRTVVeritiv sees FY14 adjusted EBITDA $135M-$145M
08:03 EDTVRTVVeritiv reports Q3 EPS (88c), not comparable to consensus $1.04
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