AT&T could spin off cable unit next week
AT&T has told the New York Stock Exchange that it could spin off its AT&T Broadband cable unit as early as next week after all the conditions of the merger agreement between itself, Comcast and AT&T Broadband are satisfied.
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The spin-off would immediately precede the merger of AT&T Broadband with a wholly owned subsidiary of AT&T Comcast on Nov. 8, the company said.
The NYSE was also notified that AT&T expects to conduct a 1 for 5 reverse stock spit for common shares with the spin-off and merger.
AT&T said it could give “no assurance that the merger will be completed on November 8” or any other specific date, but that it was announcing the conditional notification so it could immediately close when all conditions are satisfied.
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© 2012 Penton Media Inc.
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