LITTLE ROCK, Ark., Aug. 30, 2013 (GLOBE NEWSWIRE) — Windstream (Nasdaq:WIN) today announced it has formed Windstream Holdings, Inc., which will become a new publicly traded parent company of Windstream Corp. and its subsidiaries. The new company will trade on the Nasdaq Stock Exchange under the existing Windstream ticker symbol “WIN” beginning Sept. 3, 2013.
The new ownership design will enhance Windstream’s corporate structure and provide greater financial and strategic flexibility in the future. In addition, the new structure mirrors that of other companies in the telecommunications industry.
Effective at 4 p.m. EDT today, existing shares of common stock of Windstream Corp. will convert into equivalent shares of Windstream Holdings, Inc. stock on a one-for-one basis. The conversion and exchange does not require any action by stockholders of Windstream.
The existing Windstream board of directors and officers will oversee both companies. There has been no change in Windstream’s dividend practice as a result of the creation of the holding company.