SPINCO deal to take place 11/21

[windje2000]

From Business Week:

Hotel operator Marriott International Inc. said Tuesday its board approved the spin-off of subsidiary Marriott Vacations Worldwide Corp.

After the subsidiary is spun-off, it will be publicly traded as a stand-alone company. But its stock will be wholly owned, at least initially, by Marriott International shareholders.

Marriott International will distribute shares in the newly created company to Marriott International stockholders on Nov. 21. Only stockholders on record as of Nov. 10 will get shares in the new company.

The new company will trade under the stock ticker "VAC" on the New York Stock Exchange. The stock is expected to begin trading openly on Nov. 22.

Marriott Vacations Worldwide will operate time-share vacation properties, in which customers jointly own properties and divvy up times they vacation there. The subsidiary currently has 400,000 time-share customers, according to Marriott.

Shares of Marriott rose 37 cents, or 1.2 percent, to $31.48 in after-market trading.

For those interested in what VAC will be telling Wall Street:

Marriott International to Provide Live Webcast of Marriott Vacations Worldwide Corporation Security Analyst Meeting on October 28

SIgn up at LINK