MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, July 13, 2000 Stilwell Rises on Day One Stilwell Financial (NYSE: SV) -- the newly spinoff holding company of Janus Capital, Berger Funds and DST Systems and London-based Nelson Money Management -- traded independently from Kansas City Southern Industries for the first time today. The stock rose 7.18% to $3.25 and closing price of $48.50. The volume of trading was relatively light with just under 1.7 million shares changing hands. Altogether approximately 223 million shares were distributed to Kansas City Southern shareholders. The spin-off occurred through a special dividend distributed yesterday afternoon after the close of the New York Stock Exchange to KCSI common stockholders of record on June 28, 2000. Stockholders received 2 shares of common stock of Stilwell Financial for every 1 share of KCSI common stock owned on the record date. The Internal Revenue Service has ruled that the spin-off will not be taxable for Federal income tax purposes to KCSI or KCSI shareholders. Yesterday Stilwell also replaced Kansas City Southern in the Standard & Poor's 500 index. Printed from: MFWire.com/story.asp?s=25832 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |