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A Reverse Morris Trust is used when a parent company has a subsidiary (sub-company) that it wants to sell in a tax-efficient manner. The parent company completes a spin-off of a subsidiary to the parent company's shareholders. Under Internal Revenue Code section 355, this could be tax-free if certain criteria are met. The former subsidiary (now ...
The company was formed by Verizon in 2009 to facilitate the planned sale of some local subsidiaries to Frontier, which was completed on July 1, 2010. The company was set up to allow for a Reverse Morris Trust merger, allowing Verizon to spin off the company to Frontier tax-free. Its primary purpose was to transfer Frontier ILEC Holdings as well ...
On November 16, 2020, Upjohn merged with Mylan in a Reverse Morris Trust transaction and changed its name to Viatris. [1] [2] At that time, Michael Goettler became chief executive officer. [6] [3] Following the combination, the company began trading on the NASDAQ using the ticker symbol VTRS. [2]
The deal, structured as a Reverse Morris Trust, would have allowed NCR to give a large chunk of the combined company t. NEW YORK (Reuters) -Cash management firm Brink's Co said on Wednesday that ...
Under the terms of the Reverse Morris Trust, the company would retain the Entercom name, board of directors and base of operations, but CBS shareholders would hold 72% of its stock. [33] The company also shut down KDND in Sacramento and returned its license to the FCC, with its programming moved to sister station KUDL. The FCC had designated ...
That’s a key benchmark for Reverse Morris Trust tax reasons. It means that Warner Bros. Discovery can do another significant deal two years after the close of the previous merger.
Cafritz founded the Morris and Gwendolyn Cafritz Foundation in 1948, funding it with $11.5 million. [3] Today the foundation is the largest private foundation focused on Washington, D.C., with assets of over $700,000,000. The Cafritz Foundation is one of the top 100 Private Family Foundations in the U.S.
In 2019, Greenhill advised International Flavors & Fragrances on its merger with DuPont’s Nutrition & Biosciences (N&B) business in a Reverse Morris Trust transaction. The deal valued the combined company at $45.4 billion on an enterprise value basis, reflecting a value of $26.2 billion for the N&B business based on IFF’s share price as of ...