L-3 Board OKs Engility Spinoff Stock Distribution; Michael Strianese Comments

L3 Communications’ (NYSE: LLL) board of directors has approved the distribution of the remaining shares of its Engility subsidiary to all of its shareholders. L-3 said every shareholder of record as of July 16 will receive one share of Engility for every six shares of L-3 stock. “Engility will now be able to pursue new business opportunities unconstrained by organizational conflict of interest...