SEC OKs FTD Spin-OffTuesday, October 1, 2013
The Securities and Exchange Commission approved on Tuesday the spin-off of FTD Companies Inc. from United Online Inc., which will now take place Nov. 1.
United Online, a Woodland Hills internet services provider, had announced on Sept. 20 that the deal had been delayed because it had taken longer than expected to receive regulatory approvals.
Under the all-stock deal, United Online shareholders will receive one share of FTD common stock for every five shares of United Online common stock they hold. United Online acquired FTD in August 2008 in a deal valued at $441 million.
FTD will operate as an independent floral and gifts products company trading under the symbol FTD on the Nasdaq exchange. United Online will continue to operate its Internet service provider and social media businesses.
FTD President Robert Apatoff will become chief executive of the spinoff, while United Online CEO Mark Goldston is stepping down from the parent company following the deal.
Shares in United Online gained 25 cents, or more than 3 percent, to close at $8.22 on the Nasdaq.