Varian Associates' Plan To Reorganize Into Three Independent Public Companies Gets IRS Approval | Varian
{ "pageType": "news-article", "title": "Varian Associates' Plan To Reorganize Into Three Independent Public Companies Gets IRS Approval", "articleDate": "1999/02/16", "introText": "", "category": "Corporate and Financial Releases" }
Varian Associates' Plan To Reorganize Into Three Independent Public Companies Gets IRS Approval
Palo Alto, California (February 16, 1999): Varian Associates, Inc., today announced that it has been advised by the U.S. Internal Revenue Service (IRS) that it will receive a favorable ruling on the company's plan to reorganize into three separate, public companies allowing the proposal to be treated as a tax-free transaction for shareholders.
The company said the IRS ruling is one of the final steps in the process which will see it spin off two of its three core business segments to form three independent, publicly-traded companies. The plan is scheduled to be presented for stockholder approval at Varian's 1999 annual meeting on February 18, 1999.
With stockholder approval, the company said the spin-offs are expected to be implemented in early April.