MDU Resources Board of Directors Approves Everus Spinoff, Declares Distribution of Shares of Everus
MDU Resources Group, Inc. (NYSE: MDU) has announced that its board of directors has approved the spinoff of its wholly owned construction services subsidiary, Everus Construction Group. The spinoff will be executed through a pro rata distribution of all outstanding shares of Everus common stock to MDU Resources stockholders. Each MDU Resources stockholder will receive one share of Everus common stock for every four shares of MDU Resources common stock owned as of the record date.
The distribution is expected to occur at 11:59 p.m. EDT Oct. 31, 2024, with a record date of 5 p.m. EDT on Oct. 21, 2024. The spinoff is subject to certain conditions, including SEC approval. The distribution is expected to be tax-free for U.S. federal income tax purposes, except for cash received in lieu of fractional shares. Everus common stock is anticipated to begin trading on the NYSE under the ticker symbol 'ECG' on or about Nov. 1, 2024.
MDU Resources Group, Inc. (NYSE: MDU) ha annunciato che il suo consiglio di amministrazione ha approvato lo spin-off della sua controllata di servizi di costruzione, Everus Construction Group. Lo spin-off sarà eseguito attraverso una distribuzione pro rata di tutte le azioni in circolazione di azioni ordinarie di Everus agli azionisti di MDU Resources. Ogni azionista di MDU Resources riceverà una sola azione ordinaria di Everus per ogni quattro azioni di azioni ordinarie di MDU Resources possedute alla data di registrazione.
La distribuzione è prevista per 11:59 p.m. EDT del 31 ottobre 2024, con una data di registrazione fissata alle 5 p.m. EDT del 21 ottobre 2024. Lo spin-off è soggetto a determinate condizioni, compresa l'approvazione della SEC. Si prevede che la distribuzione sia esente da imposte ai fini dell'imposta sul reddito federale negli Stati Uniti, ad eccezione del denaro ricevuto in sostituzione delle azioni frazionarie. Si prevede che le azioni ordinarie di Everus inizieranno a essere scambiate sul NYSE con il simbolo ticker 'ECG' intorno al 1° novembre 2024.
MDU Resources Group, Inc. (NYSE: MDU) ha anunciado que su junta directiva ha aprobado la escisión de su filial de servicios de construcción de propiedad total, Everus Construction Group. La escisión se llevará a cabo a través de una distribución pro rata de todas las acciones en circulación de acciones comunes de Everus a los accionistas de MDU Resources. Cada accionista de MDU Resources recibirá una acción común de Everus por cada cuatro acciones de acciones comunes de MDU Resources que posea a partir de la fecha de corte.
Se espera que la distribución ocurra a las 11:59 p.m. EDT del 31 de octubre de 2024, con una fecha de corte a las 5 p.m. EDT del 21 de octubre de 2024. La escisión está sujeta a ciertas condiciones, incluida la aprobación de la SEC. Se espera que la distribución sea libre de impuestos para propósitos del impuesto sobre la renta federal de EE. UU., excepto por el efectivo recibido en lugar de acciones fraccionarias. Se anticipa que las acciones comunes de Everus comenzarán a cotizar en la NYSE bajo el símbolo de ticker 'ECG' alrededor del 1 de noviembre de 2024.
MDU 자원 그룹, Inc. (NYSE: MDU)는 이사회가 소속 건설 서비스 자회사인 Everus Construction Group의 분리를 승인했다고 발표했습니다. 이 분리는 MDU 자원 주주들에게 Everus의 모든 보통주에 대한 비례 배분을 통해 수행됩니다. 각 MDU 자원 주주는 MDU 자원 보통주 4주당 Everus 보통주 1주를 받게 됩니다, 기준일 기준으로 보유하고 있는 주식에 따라.
배분은 2024년 10월 31일 11:59 p.m. EDT에 발생할 것으로 예상되며, 기준일은 2024년 10월 21일 5 p.m. EDT입니다. 이 분리는 SEC 승인을 포함한 여러 조건에 따라야 합니다. 이 배분은 미국 연방 소득세 목적상 세금이 면제될 것으로 예상되며, 단 일부 주식의 분수에 대한 현금을 제외하고요. Everus의 보통주는 'ECG'라는 티커 기호로 NYSE에서 2024년 11월 1일 경 거래가 시작될 것으로 예상됩니다.
MDU Resources Group, Inc. (NYSE: MDU) a annoncé que son conseil d'administration a approuvé la scission de sa filiale de services de construction entièrement détenue, Everus Construction Group. La scission se fera par une distribution pro rata de toutes les actions ordinaires d'Everus en circulation aux actionnaires de MDU Resources. Chaque actionnaire de MDU Resources recevra une action ordinaire d'Everus pour chaque quatre actions d'actions ordinaires de MDU Resources qu'il possède à la date de référence.
La distribution devrait avoir lieu à 11h59 EDT le 31 octobre 2024, avec une date de référence fixée à 17h EDT le 21 octobre 2024. La scission est soumise à certaines conditions, y compris l'approbation de la SEC. La distribution devrait être exonérée d'impôt aux fins de l'impôt fédéral sur le revenu américain, à l'exception des liquidités reçues en lieu et place d'actions fractionnaires. On s'attend à ce que les actions ordinaires d'Everus commencent à se négocier à la NYSE sous le symbole boursier 'ECG' vers le 1er novembre 2024.
MDU Resources Group, Inc. (NYSE: MDU) hat angekündigt, dass der Vorstand die Abspaltung ihrer vollständig im Besitz befindlichen Bauservices-Tochtergesellschaft, Everus Construction Group, genehmigt hat. Die Abspaltung wird durch eine pro-rata-Verteilung aller ausstehenden Anteilsscheine der Everus-Stammaktien an die Aktionäre von MDU Resources durchgeführt. Jeder Aktionär von MDU Resources wird eine Aktie der Everus-Stammaktien für jeweils vier Aktien der Stammaktien von MDU Resources erhalten, die er zum Zeitpunkt des Stichtags besitzt.
Die Verteilung soll voraussichtlich um 11:59 p.m. EDT am 31. Oktober 2024 erfolgen, wobei der Stichtag auf 17:00 Uhr EDT am 21. Oktober 2024 festgelegt ist. Die Abspaltung unterliegt bestimmten Bedingungen, einschließlich der Genehmigung durch die SEC. Es wird erwartet, dass die Verteilung für Zwecke der US-Bundes-Einkommensteuer steuerfrei ist, mit Ausnahme von Bargeld, das anstelle von Bruchstücken von Aktien erhalten wird. Es wird erwartet, dass die Stammaktien von Everus am oder um den 1. November 2024 an der NYSE unter dem Tickersymbol 'ECG' gehandelt werden.
- Potential to unlock shareholder value through the spinoff
- Tax-free distribution for stockholders (except for fractional shares)
- Everus positioned as one of the largest specialty construction services providers in the country
- Both companies can focus on core strengths and pursue distinct opportunities
- None.
"We believe this strategic move will unlock value for our shareholders and position Everus for continued growth and success," said Nicole A. Kivisto, president and CEO of MDU Resources. "This spinoff allows both MDU Resources and Everus to focus on our core strengths and pursue distinct opportunities in our respective industries."
As previously announced, MDU Resources stockholders will retain their current shares of MDU Resources common stock and, on the distribution date, each MDU Resources stockholder will receive a distribution of one share of Everus common stock for every four shares of MDU Resources common stock owned as of the record date.
Everus common stock is expected to be distributed at 11:59 p.m. EDT Oct. 31, 2024, to MDU Resources stockholders of record as of 5 p.m. EDT on Oct. 21, 2024, the record date for the distribution. The distribution is subject to the satisfaction or waiver of certain conditions, including the Securities and Exchange Commission declaring the Registration Statement on Form 10 for Everus to be effective.
Fractional shares of Everus common stock will not be distributed to MDU Resources stockholders. They will instead be aggregated and sold on the open market, with the net proceeds distributed pro rata in cash payments to MDU Resources stockholders who would otherwise have received a fractional share of Everus common stock.
The distribution of shares does not require stockholder approval and no action is required by MDU Resources stockholders to receive the shares of Everus common stock, or cash in lieu of fractional shares. An information statement with details of the spinoff, including the distribution of shares of Everus common stock and Everus' management and business following the spinoff, will be made available to MDU Resources stockholders prior to the distribution date.
The distribution is expected to be tax free for MDU Resources stockholders for
A "when-issued" public trading market for Everus common stock is expected to begin on or about Oct. 28 on the New York Stock Exchange under the ticker symbol "ECG WI," continuing through Oct. 31.
Holders of MDU Resources common stock who sell their shares under "regular way" trading on or before Oct. 31 also will be selling their right to receive Everus common stock.
On or about Oct. 28, an "ex-distribution" market for MDU Resources common stock is expected to begin on the NYSE under the ticker symbol "MDU WI," continuing through Oct. 31. Holders of MDU Resources common stock who sell in the ex-distribution market on or before Oct. 31 will only be selling their shares of MDU Resources common stock and will retain their right to receive Everus common stock in the distribution.
Stockholders who hold MDU Resources common stock on the record date and decide to sell shares on or before the distribution date should consult with their stockbroker, bank or other advisor to understand whether the shares will be sold with or without the entitlement to Everus common stock.
Upon completion of the distribution on or about Nov. 1, Everus will trade in the regular way on the NYSE under the ticker symbol "ECG" and MDU Resources will continue to trade in the regular way on the NYSE under the ticker symbol "MDU."
Following the spinoff, MDU Resources and Everus will be independent, publicly traded companies with distinct investment identities, business operations, customers and geographic markets.
"We are very excited to see Everus stock begin trading on the New York Stock Exchange and look forward to our future opportunities as a stand-alone leading construction services business," said Jeffrey S. Thiede, president and CEO of Everus. "The hard work and dedication of our team, who are safely Building America's Future, has made Everus one of the largest specialty construction services providers in the country, and we are well-positioned to continue expanding our operations."
In connection with the anticipated spinoff, Everus is holding an Investor and Analyst Day at 10 a.m. EDT Oct. 17 at the NYSE. Management's presentation of Everus' investment highlights, operations, financial performance and growth prospects, as well as a question-and-answer session, also will be webcast. Additional information is available at www.mdu.com/everus-construction-spinoff.
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 distribution of Everus common stock, future stock performance, and statements by the CEOs of MDU Resources and 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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