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4:33 pm Citrix Systems details for anticipated completion of spin-off and subsequent merger of its GoTo family of service offerings; expected to be completed January 31 ( CTXS) :
- Under the terms of the spin-off, Citrix will distribute all of the shares of common stock of its wholly owned subsidiary, GetGo, Inc., to Citrix stockholders as of the record date by means of a pro rata distribution. As previously announced, immediately following the spin-off, GetGo will merge with a subsidiary of LogMeIn, Inc. (LOGM). It is currently expected that ~26.9 mln shares of GetGo common stock will be distributed to Citrix stockholders as of the record date in connection with the spin-off, and each share of GetGo common stock will be converted into the right to receive one share of LogMeIn common stock pursuant to the merger. Based on the number of shares of Citrix common stock outstanding on January 5, 2017, Citrix stockholders would receive ~0.1718 of a share of LogMeIn common stock for each share of Citrix common stock.
- The spin-off and merger are expected to be completed following the close of business on January 31, 2017, subject to the satisfaction of certain remaining conditions including, among other things, the approval by the LogMeIn stockholders. The LogMeIn stockholder vote is scheduled to be held at a special meeting of LogMeIn stockholders on January 25, 2017. Upon completion of the merger, Citrix equityholders are expected to collectively own approximately 50.1% of the shares of LogMeIn common stock on a fully diluted basis, and current LogMeIn equityholders are expected to collectively own approximately 49.9% on a fully diluted basis.
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