KAR Sets IAA Spinoff for End of Month

By Staff Writer June 14, 2019

The board of directors for KAR Auction Services Inc. formally approved the separation of its salvage auction business.

KAR will distribute all of the outstanding shares of common stock of its wholly owned subsidiary, IAA Spinco Inc., to KAR stockholders on a proportional basis.

The distribution is expected for June 28. Recipients must own KAR stock as of June 18.

On the distribution date, KAR stockholders will receive one share of IAA common stock for every one share of KAR common stock held as of the record date.

Following the distribution, IAA will be an independent, publicly traded company on the New York Stock Exchange and KAR will retain no ownership interest in IAA.

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Last modified on Friday, 14 June 2019 13:27