Ford Motor Company (NYSE: F) announced that the stock of Visteon Corporation (NYSE: VC) has been approved for listing and will be available for trading on a when-issued basis beginning today on the New York Stock Exchange. Visteon Corporation currently is Ford’s wholly-owned automotive systems subsidiary.
As previously announced, Ford Motor Company will distribute Visteon shares on June 28 to Ford shareholders of record on June 12. Neither Ford nor Visteon will receive proceeds from the distribution. The distribution represents 100 percent of Ford’s current interest in Visteon. Shareholders will receive one Visteon share for approximately every eight shares of Ford they own on the record date. The actual distribution ratio will be determined and announced after the record date.
In a filing with the SEC on June 2, Visteon stock was described as having a maximum offering price per share of $11.85. This figure represents a historical accounting value used in accordance with SEC rules and is not intended to represent the expected market value of Visteon stock. The actual market price will be determined by the marketplace once trading begins.