Sunoco Sets Favored SunCoke Distribution Terms (SUN, SXC)
Sunoco, Inc. (NYSE: SUN) has determined its distribution ratio for the previously announced distribution of its equity interest in SunCoke Energy, Inc. (NYSE: SXC). The distribution in process will be in the form of a special stock dividend to its…
Sunoco, Inc. (NYSE: SUN) has determined its distribution ratio for the previously announced distribution of its equity interest in SunCoke Energy, Inc. (NYSE: SXC). The distribution in process will be in the form of a special stock dividend to its shareholders who will receive 0.53046456 of a share of SunCoke common stock for every share of SunCoke common stock. The “As Of” record date is as of the close of business on January 5, 2012 and the distribution will be made on January 17, 2012.
The distribution is being made in the form of a pro rata common stock dividend. The company is following the traditional path of not distributing fractional shares of SunCoke. The fractional share amounts will be paid out as cash in lieu of any fraction of a share of SunCoke common stock that they otherwise would have received.
At $41.58, Sunoco’s 52-week trading range is $27.76 to $46.98 and the current market cap puts the value before this transaction as $4.4 billion.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
