Worthington Industries Board of Directors Approved Separation of Worthington Steel
Portfolio Pulse from Charles Gross
Worthington Industries' Board of Directors has approved the separation of its Steel Processing business, Worthington Steel, via a tax-free spin-off. The Board declared a pro rata distribution of 100% of the outstanding common shares of Worthington Steel to Worthington Industries shareholders. The distribution is expected to be payable on December 1, 2023. Worthington Steel common shares are expected to begin trading on the NYSE on November 28, 2023, under the symbol “WS WI.”
November 09, 2023 | 9:19 pm
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POSITIVE IMPACT
Worthington Industries' shareholders will receive one common share of Worthington Steel for every one common share of Worthington Industries they hold. This could potentially increase the value of their holdings.
The spin-off of Worthington Steel could potentially increase the value of Worthington Industries' shareholders' holdings as they will receive an equal number of shares in the new company. This could lead to a positive impact on the stock price of Worthington Industries in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100