CBS to sell stake in CBS Outdoor in July
June 11 (Reuters) - CBS Corp said it will divest its 81 percent stake in its outdoor advertising subsidiary, CBS Outdoor Americas Inc, over three days from July 7.
The company said its shareholders will be able to exchange all or some of their Class B common stock for shares of CBS Outdoor at a 7 percent discount.
CBS Outdoor, whose customers include Apple Inc, McDonald's Corp and Sony Corp, went public in late March.
It has about 329,100 displays in the United States and about 26,100 displays across Canada and Latin America.
CBS, which owns about 97 million shares of CBS Outdoor, had won a favorable ruling in April from the Internal Revenue Service to convert CBS Outdoor into a real-estate investment trust (REIT).
Goldman Sachs & Co and Morgan Stanley will be the dealer managers for the exchange offer, and J.P. Morgan will be a financial adviser.
Shares of CBS closed at $61.13 on the Nasdaq on Tuesday. Shares of CBS Outdoor closed at $32.06. (Reporting By Lehar Maan in Bangalore)