International Paper sets terms for xpedx spinoff

|About: International Paper Co. (IP)|By:, SA News Editor

On July 1, International Paper (IP) shareholders will receive 0.0188 shares of Veritiv (VRTV) for each IP share they currently own.

Veritiv is the distribution services firm created by the merger of IP's xpedx distribution unit and peer Unisource. IP shareholders will own 51% of the company, and Unisource 49%.

Veritiv will begin trading on the NYSE on a "when-issued" basis on June 18; regular trading will start on July 2.