MDU Resources Announces Anticipated Board of Directors for Everus
MDU Resources Group, Inc. (NYSE: MDU) has announced the anticipated board of directors for Everus Construction Group, set to become effective upon the completion of the planned spinoff of its construction services subsidiary. The spinoff, expected to be finalized in late 2024, will result in Everus becoming an independent, publicly traded company. The post-spinoff board is anticipated to consist of seven directors, including six independent members.
Four directors are expected to transition from MDU Resources' board to Everus, including Dale S. Rosenthal as the anticipated chair. Three new directors are also slated to join. This move is part of MDU Resources' strategy to become a pure-play regulated energy delivery business, aiming to optimize shareholder value. The spinoff is subject to final approval and is expected to be tax-free for MDU Resources and its stockholders for federal income tax purposes.
MDU Resources Group, Inc. (NYSE: MDU) ha annunciato il nuovo consiglio di amministrazione per Everus Construction Group, che entrerà in vigore al termine della prevista scissione della sua sussidiaria dei servizi di costruzione. Si prevede che la scissione sarà finalizzata entro la fine del 2024, portando Everus a diventare un'azienda indipendente e quotata in borsa. Il consiglio post-scissione dovrebbe essere composto da sette membri, di cui sei indipendenti.
Quattro membri del consiglio si prevede passeranno dal consiglio di MDU Resources a Everus, tra cui Dale S. Rosenthal come previsto presidente. Tre nuovi membri del consiglio sono anche programmati ad unirsi. Questa mossa fa parte della strategia di MDU Resources per diventare un'azienda focalizzata esclusivamente sulla fornitura di energia regolamentata, con l'obiettivo di ottimizzare il valore per gli azionisti. La scissione è soggetta ad approvazione finale e si prevede che sia esente da tasse per MDU Resources e i suoi azionisti ai fini dell'imposta sul reddito federale.
MDU Resources Group, Inc. (NYSE: MDU) ha anunciado el esperado consejo de administración para Everus Construction Group, que entrará en vigor tras la finalización de la escisión planificada de su subsidiaria de servicios de construcción. Se espera que la escisión se finalice a finales de 2024, lo que resultará en que Everus se convierta en una empresa independiente y cotizada en bolsa. Se anticipa que el consejo post-escisión constará de siete directores, incluidos seis miembros independientes.
Cuatro directores se espera que transiten del consejo de MDU Resources al de Everus, incluido Dale S. Rosenthal como el presidente esperado. También se prevé que se unan tres nuevos directores. Este movimiento forma parte de la estrategia de MDU Resources para convertirse en un negocio de entrega de energía regulada puramente, con el objetivo de optimizar el valor para los accionistas. La escisión está sujeta a aprobación final y se espera que sea libre de impuestos para MDU Resources y sus accionistas para fines del impuesto sobre la renta federal.
MDU Resources Group, Inc. (NYSE: MDU)는 Everus Construction Group의 예상 이사회를 발표했습니다. 이는 건설 서비스 자회사의 계획된 분사가 완료된 후 효력을 발휘하게 됩니다. 이 분사는 2024년 말까지 완료될 것으로 예상되며, Everus는 독립적이고 상장된 회사로 전환됩니다. 분사 후 이사회는 7명의 이사로 구성될 것으로 예상되며, 그중 6명은 독립 이사가 될 것입니다.
4명의 이사가 MDU Resources의 이사회에서 Everus로 전환할 예상이며, Dale S. Rosenthal가 예상 의장이 될 것입니다. 또한 3명의 신임 이사가 합류할 예정입니다. 이 결정은 MDU Resources의 전략의 일환으로, 순수한 규제 에너지 공급 사업으로 전환하여 주주 가치를 최적화하는 것을 목표로 하고 있습니다. 이 분사는 최종 승인 대상이며, 연방 소득세 목적에서 MDU Resources와 주주에게 비과세로 예상됩니다.
MDU Resources Group, Inc. (NYSE: MDU) a annoncé le conseil d'administration prévisible pour Everus Construction Group, qui entrera en vigueur une fois la scission planifiée de sa filiale de services de construction terminée. La scission, qui devrait être finalisée d'ici fin 2024, fera d'Everus une entreprise indépendante et cotée en bourse. Le conseil d'administration post-scission devrait être composé de sept administrateurs, dont six membres indépendants.
Quatre administrateurs devraient passer du conseil d'administration de MDU Resources à celui d'Everus, y compris Dale S. Rosenthal comme président prévu. Trois nouveaux administrateurs devraient également rejoindre. Ce mouvement fait partie de la stratégie de MDU Resources pour devenir une entreprise de fourniture d'énergie régulée pur, visant à optimiser la valeur pour les actionnaires. La scission est soumise à l'approbation finale et devrait être exonérée d'impôts pour MDU Resources et ses actionnaires au titre de l'impôt fédéral sur le revenu.
MDU Resources Group, Inc. (NYSE: MDU) hat den erwarteten Aufsichtsrat für Everus Construction Group bekannt gegeben, der mit Abschluss der geplanten Abspaltung seiner Bauservice-Tochtergesellschaft wirksam wird. Die Abspaltung wird voraussichtlich Ende 2024 abgeschlossen und führt dazu, dass Everus ein unabhängiges, börsennotiertes Unternehmen wird. Der Aufsichtsrat nach der Abspaltung soll aus sieben Direktoren bestehen, darunter sechs unabhängige Mitglieder.
Es wird erwartet, dass vier Direktoren vom Aufsichtsrat von MDU Resources zu Everus wechseln, darunter Dale S. Rosenthal als geplanter Vorsitzender. Zudem sollen drei neue Direktoren dazustoßen. Diese Maßnahme ist Teil der Strategie von MDU Resources, ein reines reguliertes Energieversorgungsunternehmen zu werden, mit dem Ziel, den Wert für die Aktionäre zu optimieren. Die Abspaltung steht noch unter dem Vorbehalt der endgültigen Genehmigung und wird voraussichtlich für MDU Resources und seine Aktionäre für Zwecke der Bundessteuer steuerfrei sein.
- Spinoff of construction services subsidiary into independent company (Everus) expected to optimize shareholder value
- Anticipated board includes experienced directors familiar with the construction industry
- Spinoff expected to be tax-free for MDU Resources and stockholders for federal income tax purposes
- Strategic move towards becoming a pure-play regulated energy delivery business
- None.
Everus' post-spinoff board is expected to consist of seven directors, including six independent directors.
These individuals are anticipated to move from MDU Resources' board of directors to Everus' board:
- Dale S. Rosenthal, former strategic director and former chief financial officer of Clark Construction Group, LLC, and a director of Washington Gas Light Company. Rosenthal is expected to chair Everus' board.
- Michael S. Della Rocca, former chief executive,
Americas , of AECOM and owner of Della Rocca Enterprises LLC. - Edward A. Ryan, former executive vice president and general counsel of Marriott International.
- David M. Sparby, former senior vice president and group president, revenue, of Xcel Energy, Inc.
These individuals are anticipated to be new directors on Everus' board:
- Clark A. Wood, who is retiring in November from his position as market president for
Arizona andNevada of US Bank. - Betty R. Wynn, former senior vice president, chief financial officer and treasurer of MYR Group, Inc.
- Jeffrey S. Thiede, president and CEO of Everus.
"Identifying the future board of directors for Everus is another milestone toward completing the spinoff of the construction services subsidiary, which is expected to optimize value for shareholders while achieving MDU Resources' strategic objective of becoming a pure-play regulated energy delivery business," said Dennis W. Johnson, chair of the board of MDU Resources.
Rosenthal, who is expected to become chair of Everus' board, said, "With this highly experienced slate of directors who are familiar with the construction industry and markets served by Everus, we look forward to providing strategic guidance to Everus as it becomes a stand-alone company."
MDU Resources announced in November 2023 that it intends to spin off Everus to optimize value for stockholders and become a pure-play regulated energy delivery business. The spinoff is subject to certain customary conditions, including final approval by MDU Resources' board of directors and the SEC's declaration that the Form 10 registration statement is effective. The separation is expected to be tax free to MDU Resources and its stockholders for federal income tax purposes.
Forward-Looking Statements
Information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release, including information about the planned spinoff of Everus Construction Group, the anticipated future board of directors for Everus, the future state of MDU Resources, future stock performance, and statements by MDU Resources' chair and the anticipated chair of Everus, are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. For a discussion of important factors that could cause actual results to differ materially, refer to Item 1A — Risk Factors in MDU Resources' most recent Form 10-K and Form 10-Q and subsequent filings with the SEC.
About MDU Resources
MDU Resources Group, Inc., a member of the S&P MidCap 400 index, provides essential products and services through its regulated energy delivery and construction services businesses. Founded in 1924, the company is celebrating its 100th anniversary; learn more at www.mdu.com/100th-anniversary. For more information about MDU Resources, visit www.mdu.com or contact the Investor Relations Department at investor@mduresources.com.
About Everus Construction Group
Everus Construction Group, Inc. is Building America's Future™ by providing a full spectrum of construction services through its electrical and mechanical, and transmission and distribution specialty contracting services across
Investor Contact: Brent Miller, assistant treasurer and director of financial projects and investor relations, 701-530-1730
Media Contacts: Byron Pfordte, MDU Resources manager of integrated communications, 208-377-6050
Laura Lueder, Everus director of communications, 701-221-6444
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SOURCE MDU Resources Group, Inc.
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