On Friday, Abbott(ABT) announced the effectiveness of the registration statement for its AbbVie(ABBV) spin. As we discussed previously, Abbott shareholders will get one AbbVie share for each Abbott share that they own. The new shares are to be distributed on January 1.
Shares in the new company began trading on a when issued basis today, as did Abbott shares on an ex-dividend basis. Currently, shares of the two new companies are trading at a miniscule premium to the current stock, with AbbVie looking to be the bigger company initially. At 1:43PM, ABT was trading at $65.57, ABT.WI at $30.02 and ABBV.WI at $35.65.
Disclosure: The author holds no position in any stock mentioned
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