Based on the shares of Ashland common stock outstanding as of May 5, 2017, the record date for the distribution, each share of Ashland common stock received 2.745338 shares of Valvoline common stock in the distribution.
"With the separation and distribution now completed, we are fully focused on Ashland's two core priorities for the year - positioning Ashland to deliver against our fiscal 2017 plan and pivoting to become the premier specialty chemicals company," said William A Wulfsohn, Ashland chairman and chief executive officer. "Our work in creating two great companies, each positioned for success, would not have been possible without the tremendous commitment and support from our teams around the world."
Fractional shares of Valvoline common stock were not distributed to Ashland stockholders. Instead, the fractional shares of Valvoline common stock will be aggregated and sold in the open market, with the net proceeds distributed pro rata in the form of cash payments to Ashland stockholders who would otherwise receive Valvoline fractional shares. The distribution was structured to qualify as a tax-free distribution to Ashland stockholders for US federal income tax purposes. Cash received in lieu of fractional shares will, however, be taxable. Ashland stockholders will consult their tax advisors with respect to US federal, state, local and foreign tax consequences of the distribution. (RR)
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