FedEx Freight Form 10 Takes Effect, Paving June 1 NYSE Debut as 80.1% Stake Spins Off
Updated
Updated · Action News 5 · May 13
FedEx Freight Form 10 Takes Effect, Paving June 1 NYSE Debut as 80.1% Stake Spins Off
4 articles · Updated · Action News 5 · May 13
June 1 is set as FedEx Freight’s first day as an independent public company after its SEC-required Form 10 took effect Monday, clearing the way for a New York Stock Exchange listing under ticker FDXF.
FedEx’s board said shareholders will receive 80.1% of FedEx Freight’s outstanding common stock as a pro rata dividend, with distribution based on holdings at Friday’s close.
One FedEx Freight share will be issued for every two FedEx common shares, completing the separation of the less-than-truckload carrier from its parent.
FedEx has said the split should let both businesses pursue more tailored operations, investment and capital allocation strategies for the global parcel and LTL markets.
After the split, can FedEx's focused parcel strategy finally halt Amazon's dominance in the last-mile delivery race?
Can an independent FedEx Freight fix its service flaws while battling new LTL rivals like Amazon for market share?