Copyright © 2026 Knight Sac Media. All rights reserved.https://www.siliconinvestor.com/subject.aspx?subjectid=50834Southern Company Board Outlines Plans for Mirant Spinoff ATLANTA, Feb. 19 /PRNewswire/ -- The Southern Company (NYSE: SO - news) board of directors today approved the spinoff of Mirant Corporation (NYSE: MIR - news), formerly Southern Energy. The spinoff -- in the form of a special dividend -- will distribute 272 million shares, or 80.3 percent, of Mirant to Southern Company shareholders of record. Contingent upon timely receipt of a supplemental ruling from the Internal Revenue Service, the distribution will be made on April 2, 2001, to Southern Company shareholders of record as of 5 p.m. eastern time on March 21, 2001. ``This is the final step in unlocking the value we created in building a fast-growing North American and worldwide energy business,'' said Southern Company Chairman and Chief Executive Officer Bill Dahlberg. ``With the planned spinoff, we're delivering that value to our shareholders. We're also creating two great companies from one. I believe each has an outstanding future.'' Based on the number of shares of Southern Company common stock currently outstanding, shareholders as of the record date will receive nearly .4 shares of Mirant for every share of Southern Company common stock they own. The actual distribution ratio will be determined on the record date by dividing the number of Mirant shares to be distributed by the number of shares of Southern Company common stock outstanding. Southern Company shareholders as of the record date will receive whole shares of Mirant and cash payments for fractional shares. The cash payments will be taxable. Shareholders will also receive a statement containing information about the spinoff and distribution of shares, as well as about trading in Southern Company and Mirant common stock. Mirant sold 66.7 million shares -- or 19.7 percent -- in an initial public offering in September 2000. The offering, along with a concurrent securities offering, netted Mirant $1.8 billion. Southern Company has held the remaining 80.3 percent of Mirant with the announced intent of spinning it off to shareholders. Following the spinoff, Southern Company's strategy will focus on growth in three major areas: its traditional retail business in the Southeast, competitive wholesale generation in the eight-state ``Super Southeast'' and energy-related products and services. ``Our strategy going forward allows us to take our strengths as a company and match them with the considerable growth opportunities we see in the Southeast -- the region we know best,'' said Dahlberg. Mirant is a global independent power producer and a leading energy marketing and risk-management company with extensive operations in North America, Europe and Asia. Mirant owns more than 20,000 megawatts of electric generating capacity around the world, including about 14,000 megawatts in the United States, with another 9,000 megawatts under advanced development. After the spinoff of Mirant, Southern Company will operate more than 30,000 meg...https://www.siliconinvestor.com/images/Logo380x132.pnghttps://www.siliconinvestor.com/subject.aspx?subjectid=5083438013210