CBS Launches Roadshow For Outdoor Subsidiary IPO
March 18, 2014 at 3:55 AM (PT)
CBS CORPORATION's outdoor advertising subsidiary CBS OUTDOOR AMERICAS INC. has filed with the SEC and launched its road show to make an initial public offering of 30 million shares.
The new stock will trade under the symbol CBSO, and CBS CORPORATION will retain about 83% of the new company (81% if the underwriters fully exercise their 30-day purchase options for additional shares). CBSO will convert into a Real Estate Investment Trust later this year when parent CBS divests its shares in a tax-free split-off.
GOLDMAN, SACHS & CO., B OF A MERRILL LYNCH, J.P. MORGAN, and MORGAN STANLEY are serving as joint book-running managers, with CITIGROUP, DEUTSCHE BANK SECURITIES, and WELLS FARGO SECURITIES as book runners.