HPE Announces Details for Expected Completion of Spin-Off and Merger of its Software Business

Hewlett Packard Enterprise Company (NYSE:HPE) (“HPE”) today announced that its Board of Directors has set the close of business on August 21, 2017 as the record date for the proposed spin-off of Seattle SpinCo, Inc., which will hold HPE’s software business (“Seattle”).

Subject to the satisfaction of the remaining conditions to the spin-off, on the distribution date for the spin-off, HPE will distribute to HPE stockholders one share of Class A common stock of Seattle (the “Seattle common stock”) for each share of HPE common stock held as of the close of business on the record date.  As previously announced, immediately following the spin-off, a wholly owned subsidiary of Micro Focus International plc (“Micro Focus”) will merge with and into Seattle, and Seattle will continue as the surviving company and a wholly owned subsidiary of Micro Focus.

In the merger, each share of Seattle common stock outstanding immediately prior to the merger will be automatically converted into the right to receive a number of American Depositary Shares of Micro Focus (each representing one ordinary share of Micro Focus) such that immediately following the merger, these newly issued American Depositary Shares will, in the aggregate, represent 50.1% of the Micro Focus ordinary shares on a fully diluted basis.  The balance of the then-outstanding Micro Focus ordinary shares will be held by pre-merger shareholders of Micro Focus.

The spin-off and the merger are currently expected to occur on September 1, 2017.

Two-Way Trading to Begin for HPE Common Stock on the NYSE
HPE has been advised by the New York Stock Exchange (the “NYSE”) that beginning prior to the spin-off and continuing through the business day immediately preceding the closing date of the merger, there will be two markets in HPE common stock on the NYSE: a “regular way” market and an “ex-distribution” market.  During this period of two-way trading in HPE common stock, an HPE stockholder may also sell the Micro Focus American Depositary Shares that will be issued in respect of the shares of Seattle common stock that are distributed in the spin-off.  These trading options are outlined in further detail below.
more at:  https://news.hpe.com/hpe-announces-details-for-expected-completion-of-spin-off-and-merger-of-its-software-business/

Related Posts

Grainger Reports Results For The Fourth Quarter And Full Year 2020

2020 Financial Highlights •Delivered sales of $11.8 billion, up 2.7%, and up 3.5% on an organic, daily, constant currency basis compared to the prior year (excluding divestitures and foreign exchange) •Generated reported operating earnings of $1.0 billion; adjusted operating earnings of $1.3 billion •Achieved $1.1 billion of operating cash flow and returned over $0.9 billion to shareholders through dividends and share repurchases. Fourth Quarter Financial Highlights •Delivered sales of $2.9 billion, up 3.3%, and up 5.6% on an organic, daily, constant currency basis compared to the fourth quarter 2019 (excluding divestitures and foreign exchange) •Generated reported operating earnings of $275 million; adjusted operating earnings of $295 million •Achieved reported operating margin of 9.4%, up 300 basis points; adjusted operating margin of 10.0%, down 75 basis points

The Home Depot Teams Up with Walmart GoLocal To Enhance Local Delivery Capabilities

Two of the world’s leading retailers are working together to expand same-day and next-day delivery capabilities for home improvement customers in the U.S. With Walmart GoLocal, The Home Depot customers have another option for same-day or next-day delivery on a variety of home improvement products. “The Home Depot is continuously working to give customers the most convenient shopping experience in home improvement, and that includes providing a wide range of fast and reliable delivery options,” said Stephanie Smith, senior vice president of supply chain for The Home Depot. “This partnership brings us even closer to our goal of offering same-day or next-day delivery to 90 percent of the U.S. population.” The company will offer delivery with Walmart GoLocal in select markets in the coming weeks, with plans to expand to multiple markets across the country by the end of the year. Products that qualify for this scheduled delivery, including tools, fasteners, paint and other supplies that easily fit in a car, will have that option enabled at online checkout.

FCC Lacks Basis To Roll Back Net Neutrality Rules, Silicon Valley Says

The Federal Communications Commission's proposed rollback of the net neutrality rules may not hold up in court, according to the Silicon Valley trade group Internet Association. "The record provides no basis for the Commission to reverse course from its 2015 Order," the Internet Association writes in comments filed Wednesday with the Federal Communications Commission. The organization -- which includes companies like Amazon, Google, eBay and Facebook as members -- adds that Supreme Court precedent requires the FCC to show it has good reasons to change its position. "The 2015 Order is working -- both the cloud economy and ISPs are doing well (and claims that investment by ISPs has been hurt by the 2015 Order are unsupported by evidence), and consumers are reaping the benefits of the virtuous circle of innovation across the internet economy," the organization writes. Click Read More below for additional detail.
Back To Top
×Close search
Search