CBS Corp. Announces Results Of Exchange Offer For CBS Outdoor Stock
July 15, 2014 at 6:39 AM (PT)
CBS CORP.'s exchange offer has ended with 44,723,131 shares of CBS Class B common stock were accepted in exchange for 97 million shares of CBS OUTDOOR AMERICAS INC. common stock. The offer expired at midnight JULY 9th, swapping 2.1689 shares of CBS OUTDOOR common stock for each share of CBS Class B common stock accepted in the offer. The offer was oversubscribed, so CBS accepted shares on a pro rata basis at a final proration factor of about 14.7740%.
The outdoor division was spun off in an IPO in APRIL and plans to convert to a Real Estate Investment Trust.