ATK‘s (NYSE: ATK) board of directors has decided to give stockholders two shares of common stock in the future ATK sporting group spinoff company Vista Outdoor for every share of ATK common stock.
ATK said Tuesday that stockholders will either receive a book-entry account statement on their Vista Outdoor common stocks or have their Vista Outdoor shares included in their brokerage account.
ATK added that its common stock will continue trading on the “regular-way” NYSE market but an “ex-distribution” market will open approximately two trading days ahead of the share distribution date of record.
The company expects to complete the spinoff in February along with the merger of its aerospace and defense groups with Orbital Sciences (NYSE: ORB) to create “Orbital ATK.”
ATK said Vista Outdoor common stock will trade on NYSE on a “when-issued” basis from Jan. 29 until Feb. 9, when it will start to trade “regular way” under the VSTO symbol.
Both the spinoff and merger are subject to the approval of ATK and Orbital stockholders at their separate meetings on Jan. 27.
The future Vista Outdoor company will be based in Utah.
