June 11 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
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
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)